Published: 2025-01-24T16:15:24.000Z
Chart USD/CAD Update: Consolidating - background studies under pressure
Senior Technical Strategist
9
Little change, as a tick higher in oversold intraday studies keeps near-term sentiment cautious
| 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
16:10 GMT - Little change, as a tick higher in oversold intraday studies keeps near-term sentiment cautious and prompts cautious trade above congestion support at 1.4300. Daily readings are mixed/negative, highlighting potential for further range trade, before deteriorating weekly charts add weight to price action and promote fresh losses. A close below 1.4300 will open up 1.4250, with further losses confirming a near-term top in place around congestion at 1.4500. Meanwhile, resistance remains at 1.4400 and extends to 1.4450. This area should cap any immediate tests higher.