Chart USD/CAD Update: Consolidating
Little change, as prices extend consolidation above support at 1.4300
| 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 prices extend consolidation above support at 1.4300. Rising intraday studies are helping to push prices higher, but negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath resistance at the 1.4400 break level. Following cautious trade, fresh losses are looked for. A later break back below 1.4300 will open up strong support at the 1.4238 weekly low of 6 March. A close beneath here will add weight to sentiment and put focus on critical support at the 1.4150 current year low of 14 February. Meanwhile, an unexpected close above 1.4400 will prompt consolidation beneath congestion around 1.4500.