Published: 2025-01-22T17:28:10.000Z
Chart USD/CAD Update: Limited gains
Senior Technical Strategist
1
Cautious trade is giving way to a bounce from congestion support at 1.4300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4667 | ** | March 2020 (y) high | S1 | 1.4300 | * | congestion | |
| R3 | 1.4500 | ** | congestion | S2 | 1.4280 | * | 6 Jan (w) low | |
| R2 | 1.4450 | congestion | S3 | 1.4250 | break level | |||
| R1 | 1.4400 | break level | S4 | 1.4200 | break level |
Asterisk denotes strength of level
17:05 GMT - Cautious trade is giving way to a bounce from congestion support at 1.4300, as intraday studies rise, with focus turning to resistance at 1.4400. A test cannot be ruled out, but negative daily readings and deteriorating weekly charts are expected to limit any break above here in renewed selling interest towards 1.4450. Following any minor tests higher, fresh losses are looked for. A break below 1.4300 will open up 1.4250. A further close beneath here will turn sentiment negative and confirm a near-term top in place around congestion at 1.4500.