Chart USD/CAD Update: Cautious trade - background studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
| 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
16:20 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around 1.4340. Daily readings continue to rise, highlighting potential for a fresh test higher in the coming sessions towards resistance at 1.4400. But negative weekly charts should limit any break in renewed selling interest beneath congestion around 1.4500. Following cautious trade, fresh losses are looked for. A break below 1.4300 will open up strong support at the 1.4238 weekly low of 6 March. A further close beneath here will add weight to sentiment and put focus on critical support at the 1.4150 current year low of 14 February.