Published: 2025-03-18T16:59:15.000Z
Chart USD/CAD Update: Room for lower in the coming sessions
Senior Technical Strategist
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| 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
16:30 GMT - The test below 1.4300 has bounced from 1.4265, as oversold intraday studies unwind, with prices currently trading back above 1.4300. Daily readings continue to track lower, however, and broader weekly charts are also bearish, highlighting room for fresh losses in the coming sessions. A close below strong support at the 1.4238 weekly low of 6 March will add weight to sentiment and put focus on critical support at the 1.4150 current year low of 14 February. Meanwhile, resistance remains at 1.4400. An unexpected close above here will help to stabilise price action and prompt consolidation beneath congestion around 1.4500.