Published: 2024-12-12T17:02:51.000Z
Chart USD/CAD Update: Balanced at year highs - studies improving
Senior Technical Strategist
3
Little change, as a tick lower in overbought daily stochastics keeps near-term sentiment cautious and extends consolidation beneath the 1.4200~ current year high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.4400 | figure | S1 | 1.4100 | * | break level | ||
R3 | 1.4298 | ** | April 2020 high | S2 | 1.4000 | * | congestion | |
R2 | 1.4265 | * | late-Apr 2020 (w) high | S3 | 1.3958 | * | 1-6 Nov (w) high | |
R1 | 1.4200 | current year high | S4 | 1.3927 | * | 25 Nov (w) low |
Asterisk denotes strength of level
16:40 GMT - Little change, as a tick lower in overbought daily stochastics keeps near-term sentiment cautious and extends consolidation beneath the 1.4200~ current year high. The daily Tension Indicator continues to rise and broader weekly charts are improving, highlighting room for a later break above here. A close above 1.4200 will improve sentiment and confirm continuation of June 2021 gains towards the 1.4265/68 highs from April 2020. Meanwhile, support remains at the 1.4100 break level. An unexpected close beneath here would add weight to sentiment and prompt a pullback towards congestion support at 1.4000, where renewed buying interest is expected to appear.