Chart USD/CAD Update: Range extension
Little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | congestion | S1 | 1.3800 | congestion | |||
| R3 | 1.4100 | break level | S2 | 1.3780 | * | 21 Apr YTD low | ||
| R2 | 1.4000 | * | break level | S3 | 1.3745 | ** | 76.4% ret of Sep-Feb rally | |
| R1 | 1.3900 | * | congestion | S4 | 1.3700 | ** | congestion |
Asterisk denotes strength of level
16:40 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 1.3900. A minor pullback is possible, but rising daily readings are expected to limit any losses in renewed buying interest/consolidation above support at the 1.3780 current year low of 21 April and congestion around 1.3800. Mixed/negative weekly charts, however, point to room for a later break beneath here and extension of February losses towards the 1.3745 Fibonacci retracement. Meanwhile, a break above congestion resistance at 1.3900, if seen, is expected to meet selling interest towards 1.4000.