Published: 2024-11-19T16:18:30.000Z
Chart USD/CAD Update: Lower in both USD- and CAD-driven trade
Senior Technical Strategist
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The anticipated break below 1.4000 is approaching support at the 1.3958 weekly high of 1-6 November in both USD- and CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | historic congestion | S1 | 1.3958 | * | 1-6 Nov (w) high | ||
| R3 | 1.4173 | * | May 2020 high | S2 | 1.3900 | * | congestion | |
| R2 | 1.4100/05 | * | historic cong; 15 Nov YTD high | S3 | 1.3850 | * | congestion | |
| R1 | 1.4000 | * | figure | S4 | 1.3817 | ** | 6 Nov (w) low |
Asterisk denotes strength of level
16:05 GMT - The anticipated break below 1.4000 is approaching support at the 1.3958 weekly high of 1-6 November in both USD- and CAD-driven trade. Negative intraday studies and deteriorating daily readings highlight room for further weakness. A close beneath here will extend November losses towards congestion around 1.3900, where by-then oversold daily stochastics could prompt fresh consolidation. Meanwhile, a close back above 1.4000, if seen, will turn sentiment neutral and give way to consolidation beneath critical resistance at 1.4100/05.