Chart USD/CAD Update: Gains to remain limited
Little change, as prices extend cautious trade above congestion support at 1.3600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3850 | congestion | S1 | 1.3600 | * | congestion | ||
| R3 | 1.3800 | ** | congestion | S2 | 1.3500 | ** | congestion | |
| R2 | 1.3725 | * | 5 Feb (w) high | S3 | 1.3480~ | ** | 30 Jan YTD low | |
| R1 | 1.3700 | * | congestion | S4 | 1.3420 | ** | September 2024 low |
Asterisk denotes strength of level
16:40 GMT - Little change, as prices extend cautious trade above congestion support at 1.3600. Daily readings continue to track higher, highlighting room for further gains towards congestion resistance at 1.3700. Just higher is the 1.3725 weekly high of 5 February. But negative weekly charts should limit any immediate tests of this 1.3700/25 range in consolidation/profit-taking. Following cautious/choppy trade, fresh losses are looked for. A break below 1.3600 will add weight to sentiment and open up congestion around 1.3500. But a close below the 1.3480~ current year low of 30 January will add weight to sentiment and extend February 2025 losses below the 1.3480~ current year low of 30 January towards the 1.3420 low of September 2024.