Chart USD/CAD Update: Fresh year high - studies rising
Cautious trade has given way to another fresh year high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4400/15 | ** | congestion; April 2025 high | S1 | 1.4140 | ** | 5 Nov (m) high | |
| R3 | 1.4350 | * | congestion | S2 | 1.4000 | ** | break level | |
| R2 | 1.4290 | ** | 61.8% ret of 2025-2026 fall | S3 | 1.3930 | intraday lows | ||
| R1 | 1.4200 | ** | congestion | S4 | 1.3900 | ** | congestion |
Asterisk denotes strength of level
16:15 BST - Cautious trade has given way to another fresh year high, with prices drifting to congestion resistance at 1.4200 before settling into consolidation. Daily readings are positive and weekly charts are also rising, highlighting potential for further strength in the coming sessions. A close above here will improve sentiment and extend January gains towards the 1.4290 Fibonacci retracement. But already overbought weekly stochastics could limit any initial tests in profit-taking/consolidation. Meanwhile, support remains at the 1.4140 monthly high of 5 November. A close beneath here would turn sentiment neutral and give way to consolidation above support at 1.4000.