Published: 2025-03-07T16:47:51.000Z
Chart USD/CAD Update: Limited CAD-driven gains
Senior Technical Strategist
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Cautious trade has given way to a sharp CAD-driven bounce from 1.4300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4600 | figure | S1 | 1.4300 | * | break level | ||
| R3 | 1.4500 | ** | congestion | S2 | 1.4150 | ** | 14 Feb YTD low | |
| R2 | 1.4470 | * | congestion tops | S3 | 1.4100/10 | ** | congestion; 50% ret | |
| R1 | 1.4400 | * | break level | S4 | 1.4000 | ** | congestion |
Asterisk denotes strength of level
16:40 GMT - Cautious trade has given way to a sharp CAD-driven bounce from 1.4300, with prices approaching resistance at 1.4400. Rising intraday studies highlight room for a test above here. But negative daily readings mixed weekly charts are expected to limit initial scope in selling interest/consolidation beneath resistance at 1.4470 - 1.4500. Meanwhile, any immediate tests below support at 1.4300, if seen, should give way to consolidation above the 1.4150 current year low of 14 February.