Chart USD/CAD Update: Pressuring resistance - studies improving
Little change, as prices extend consolidation within resistance at congestion around 1.3700 and the 1.3725 weekly high of 6 February
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | ** | congestion | S1 | 1.3650 | minor congestion | ||
| R3 | 1.3755 | ** | 61.8% ret of Jan-Feb fall | S2 | 1.3600 | * | congestion | |
| R2 | 1.3725 | * | 6 Feb (w) high | S3 | 1.3500 | ** | congestion | |
| R1 | 1.3700 | * | congestion | S4 | 1.3480~ | ** | 30 Jan YTD low |
Asterisk denotes strength of level
16:35 GMT - Little change, as prices extend consolidation within resistance at congestion around 1.3700 and the 1.3725 weekly high of 6 February. The daily Tension Indicator continues to rise and overbought daily stochastics have also ticked up, highlighting potential for a test above here, with focus to then turn to the 1.3755 Fibonacci retracement. Initial tests could give way to consolidation, before improving weekly charts extend end-January gains still further. Meanwhile, support remains at congestion around 1.3650. A break beneath here, if seen, should give way to consolidation above further congestion around 1.3600.