Chart USD/CAD Update: Sharply lower in both USD- and CAD-driven trade
Consolidation has given way to a swift USD- and CAD-driven fall
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4400 | * | break level | S1 | 1.4000 | * | break level | |
| R3 | 1.4300 | * | break level | S2 | 1.3950 | ** | 61.8% ret of Sep-Feb rally | |
| R2 | 1.4237 | * | 6 Mar (m) low | S3 | 1.3900 | * | congestion | |
| R1 | 1.4150 | ** | 14 Feb (m) low | S4 | 1.3815~ | ** | 6 Nov (m) low |
Asterisk denotes strength of level
14:40 BST - Consolidation has given way to a swift USD- and CAD-driven fall, with sharp losses currently trading at fresh 2025 year lows around 1.4050. Intraday studies are falling and both daily and weekly charts are also bearish, highlighting room for further losses in the coming sessions. Focus is on support at 1.4000, with a break opening up the 1.3950 Fibonacci retracement. However, already oversold daily stochastics could limit any initial tests in fresh consolidation. Meanwhile, resistance is at the 1.4150 monthly low of 14 February. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath the 1.4237 monthly low of 6 March.