Published: 2025-02-17T16:39:03.000Z
Chart USD/CAD Update: Consolidating losses - studies under pressure
Senior Technical Strategist
1
Anticipated losses have reached support at 1.4175
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4690 | ** | January 2016 (y) high | S1 | 1.4175 | break level | ||
| R3 | 1.4500 | ** | congestion | S2 | 1.4100/10 | ** | congestion; 50% ret | |
| R2 | 1.4400 | break level | S3 | 1.4000 | ** | break level | ||
| R1 | 1.4300 | * | congestion lows | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:30 GMT - Anticipated losses have reached support at 1.4175, where rising intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are also bearish, highlighting room for still deeper losses in the coming sessions. A close below 1.4175 will add weight to sentiment and extend February losses towards strong support at 1.4100/10. Already oversold daily stochastics could prompt short-covering/consolidation towards here. Meanwhile, a close back above 1.4300, if seen, would help to stabilise price action and prompt consolidation beneath 1.4400.