Chart USD/CAD Update: Pressuring strong resistance at 1.3965/85
Little change, as prices extend cautious trade beneath strong resistance at the 1.3965 current year high of 31 May
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4050 | break level | S1 | 1.3900 | ** | congestion | ||
| R3 | 1.4000 | ** | break level | S2 | 1.3850 | congestion | ||
| R2 | 1.3985 | ** | 76.4% ret of Nov-May fall | S3 | 1.3800 | * | congestion | |
| R1 | 1.3965 | ** | 31 Mar YTD high | S4 | 1.3770 | ** | 29 May (w) low |
Asterisk denotes strength of level
16:30 BST - Little change, as prices extend cautious trade beneath strong resistance at the 1.3965 current year high of 31 May. Just higher is the 1.3985 Fibonacci retracement. Rising daily readings highlight potential for a test of this range. But flat overbought daily stochastics could limit any initial tests in consolidation, before rising weekly charts prompt further gains. A close above here will improve sentiment and extend January gains beyond 1.4000. Meanwhile, a close back below congestion support at 1.3900 will help to stabilise sentiment and prompt consolidation above further congestion around 1.3850.