Chart USD/CAD Update: Balanced around 1.4250 - studies remain positive
No change to the bullish tone, as prices extend gains in USD- and CAD-driven trade to test levels around congestion resistance at 1.4250
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4400 | ** | congestion | S1 | 1.4200 | ** | congestion | |
| R3 | 1.4350 | * | congestion | S2 | 1.4135 | intraday highs | ||
| R2 | 1.4290/00 | ** | 61.8% ret; 9-14 Oct YTD high | S3 | 1.4100 | minor congestion | ||
| R1 | 1.4250 | * | congestion | S4 | 1.4050 | break level |
Asterisk denotes strength of level
16:30 GMT - No change to the bullish tone, as prices extend gains in USD- and CAD-driven trade to test levels around congestion resistance at 1.4250. Intraday studies are turning down, suggesting short-term caution/consolidation around current levels. But daily readings are turning higher once again and broader weekly charts are positive, pointing to later continuation towards critical resistance at the 1.4290 Fibonacci retracement and the 1.4300 current year high of 14 October. A later close above here will further improve sentiment and extend January gains towards historic congestion around 1.4350.
Meanwhile, support remains at congestion around 1.4200. A close beneath here, if seen, will help to stabilise price action and prompt fresh consolidation above support within the 1.4100 - 1.4135 range.