Chart USD/CAD Update: Lower in both USD- and CAD-driven trade
Choppy trade beneath strong resistance at the 1.4290 Fibonacci retracement and the 1.4300 current year high of 9 October is giving way to a pullback in both USD- and CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4400 | * | congestion | S1 | 1.4200 | ** | congestion | |
| R3 | 1.4350 | * | congestion | S2 | 1.4165 | 23.6% ret of Aug-Oct rally | ||
| R2 | 1.4300 | ** | 9 Oct YTD high | S3 | 1.4100 | minor congestion | ||
| R1 | 1.4290 | ** | 61.8% ret of 2025-2026 fall | S4 | 1.4085 | ** | 38.2% ret of Aug-Oct rally |
Asterisk denotes strength of level
16:10 BST - Choppy trade beneath strong resistance at the 1.4290 Fibonacci retracement and the 1.4300 current year high of 9 October is giving way to a pullback in both USD- and CAD-driven trade, with prices approaching congestion support at 1.4200. Daily stochastics and the daily Tension Indicator are bearish, highlighting room for a break towards the 1.4165 Fibonacci retracement. But rising weekly charts should limit any initial tests in fresh consolidation. A close beneath here will add weight to sentiment and confirm a short-term distribution top in place beneath 1.4290/00.
Meanwhile, a close above 1.4290/00, not yet seen, will improve sentiment and extend broad January gains towards 1.4350.