Chart USD/CAD Update: Choppy in range
The anticipated continuation higher towards resistance at 1.4000 has been pushed back from 1.3975
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | congestion | S1 | 1.3828 | * | 14 Apr YTD low | ||
| R3 | 1.4100 | break level | S2 | 1.3815 | ** | 6 Nov (m) low | ||
| R2 | 1.4000 | * | break level | S3 | 1.3745 | ** | 76.4% ret of Sep-Feb rally | |
| R1 | 1.3900 | * | congestion | S4 | 1.3700 | ** | congestion |
Asterisk denotes strength of level
16:40 BST - The anticipated continuation higher towards resistance at 1.4000 has been pushed back from 1.3975, as overbought intraday studies unwind, with prices currently trading around 1.3890. Oversold daily stochastics are edging higher, suggesting potential for further consolidation, before the negative daily Tension Indicator and bearish weekly charts prompt renewed selling interest. Support is at the 1.3828 current year low of 14 April and the 1.3815 monthly low of 6 November. A close beneath here would turn sentiment negative once again and extend February losses towards the 1.3745 Fibonacci retracement. Meanwhile, resistance remains up to 1.4000 and should cap any immediate tests higher.