Chart USD/CAD Update: Leaning lower
Minor tests higher have not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4667 | ** | March 2020 (y) high | S1 | 1.4335 | * | 20 Dec low | |
| R3 | 1.4500 | ** | congestion | S2 | 1.4280 | * | 6 Jan (w) low | |
| R2 | 1.4465 | ** | 19 Dec 2024 (y) high | S3 | 1.4250 | break level | ||
| R1 | 1.4400 | break level | S4 | 1.4200 | break level |
Asterisk denotes strength of level
17:00 GMT - Minor tests higher have not been seen, as prices break back below 1.4400 into further cautious trade. Intraday studies are under pressure and daily readings have turned down, highlighting room for fresh losses in the coming sessions. A close below the 1.4335 low of 20 December will add weight to sentiment and open up the 1.4280 weekly low of 6 January. A further close below 1.4250 will turn sentiment negative and confirm a near-term top in place at the 1.4465 year high of 19 December 2024. Meanwhile, a close back above 1.4400 will help to stabilise price action. But a close above 1.4465 is needed to turn sentiment positive and confirm continuation of May 2021 gains.