Chart USD/CAD Update: Choppy in range
Cautious trade following the test below support at 1.4000 has given way to a steady bounce in both USD- and CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4170 | ** | 50% ret of Feb-Jun fall | S1 | 1.4000 | * | break level | |
| R3 | 1.4140 | * | 5-6 Nov (w) high | S2 | 1.3950 | * | pivot | |
| R2 | 1.4100 | * | break level | S3 | 1.3900 | ** | break level, 50% ret | |
| R1 | 1.4050 | * | break level | S4 | 1.3800 | ** | congestion |
Asterisk denotes strength of level
16:30 GMT - Cautious trade following the test below support at 1.4000 has given way to a steady bounce in both USD- and CAD-driven trade, with prices currently pressuring resistance at the 1.4050 break level. Rising intraday studies highlight room for a test above here. However, mixed/negative daily readings and mixed weekly charts are expected to limit initial scope in renewed consolidation beneath 1.4150. Meanwhile, a break back below 1.4000 would open up 1.3950. But a further close below 1.3900 is needed to turn sentiment outright negative and confirm continuation of November losses.