Published: 2025-03-12T16:32:25.000Z
Chart USD/CAD Update: Leaning lower in choppy trade
Senior Technical Strategist
1
Consolidation beneath congestion resistance at 1.4500 has given way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4600 | figure | S1 | 1.4300 | * | break level | ||
| R3 | 1.4542 | * | 4 Mar (w) high | S2 | 1.4237 | * | 6 Mar (w) low | |
| R2 | 1.4500 | ** | congestion | S3 | 1.4150 | ** | 14 Feb YTD low | |
| R1 | 1.4400 | * | break level | S4 | 1.4100/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
16:05 GMT - Consolidation beneath congestion resistance at 1.4500 has given way to a pullback, as intraday studies turn down, with prices currently trading around 1.4380. Positive daily readings have also turned mixed, suggesting room for further losses towards support at 1.4300. However, mixed/positive weekly charts should limit any tests beneath here in consolidation above strong support at the 1.4237 weekly low of 6 March. Meanwhile, resistance remains up to 1.4500. But a close above the 1.4542 weekly high of 4 March is needed to turn sentiment positive and extend February gains towards 1.4600.