Published: 2025-03-11T17:20:51.000Z
Chart USD/CAD Update: Extending gains
Senior Technical Strategist
2
Cautious trade has given way to a fresh run higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4690 | * | January 2016 (y) high | S1 | 1.4400 | * | break level | |
| R3 | 1.4600 | figure | S2 | 1.4300 | * | break level | ||
| R2 | 1.4542 | * | 4 Mar (w) high | S3 | 1.4150 | ** | 14 Feb YTD low | |
| R1 | 1.4500 | ** | congestion | S4 | 1.4100/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
16:40 GMT - Cautious trade has given way to a fresh run higher, as intraday studies strengthen, with prices currently trading just shy of congestion resistance at 1.4500. Daily readings are improving and oversold weekly stochastics are unwinding, suggesting potential for further gains in the coming sessions. A close above the 1.4542 weekly high of 4 March would turn sentiment positive and extend February gains towards 1.4600. Meanwhile, support is raised to 1.4400. An unexpected close beneath here would turn sentiment cautious and prompt renewed consolidation above 1.4300.