Chart USD/CAD Update: Choppy in range
The anticipated test above 1.4400 has been pushed back from critical resistance at the 1.4465 year high of 19 December 2024
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4667 | ** | March 2020 (y) high | S1 | 1.4335 | * | 20 Dec low | |
| R3 | 1.4500 | ** | congestion | S2 | 1.4280 | * | 6 Jan (w) low | |
| R2 | 1.4465 | ** | 19 Dec 2024 (y) high | S3 | 1.4250 | break level | ||
| R1 | 1.4400 | break level | S4 | 1.4200 | break level |
Asterisk denotes strength of level
16:20 GMT - The anticipated test above 1.4400 has been pushed back from critical resistance at the 1.4465 year high of 19 December 2024, as overbought intraday studies turn down, with prices once again trading around 1.4400. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting potential for a fresh test above here. But negative weekly charts are expected to limit scope in renewed selling interest towards 1.4465. A close above here, however, will turn price action positive and confirm continuation of broad May 2021 gains. Meanwhile, support remains at the 1.4335 low of 20 December. A close beneath here would add weight to sentiment and open up the 1.4280 weekly low of 6 January. A further close below 1.4250 will turn sentiment negative and confirm a near-term top in place at the 1.4465 year high of 19 December 2024.