Chart USD/CAD Update: Consolidating sharp losses - studies under pressure
Consolidation following the fall to the 1.4025 fresh 2025 year low of 3 April is giving way to a corrective bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4450 | * | range highs | S1 | 1.4025 | * | 3 Apr YTD low | |
| R3 | 1.4400 | * | break level | S2 | 1.4000 | * | break level | |
| R2 | 1.4300 | * | break level | S3 | 1.3950 | ** | 61.8% ret of Sep-Feb rally | |
| R1 | 1.4237 | * | 6 Mar (m) low | S4 | 1.3900 | * | congestion |
Asterisk denotes strength of level
17:30 BST - Consolidation following the fall to the 1.4025 fresh 2025 year low of 3 April is giving way to a corrective bounce, as intraday studies rise and oversold daily stochastics flatten, with prices currently balanced just beneath the 1.4237 monthly low of 6 March. A test above here cannot be ruled out. But the negative daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest beneath the 1.4300 break level. Following cautious trade, fresh losses are looked for. A break below 1.4000 will add weight to sentiment and extend February losses initially towards the 1.3950 Fibonacci retracement.