Chart USD/CAD Update: Prices remain under pressure
The anticipated break below 1.3600 has reached 1.3550
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | * | congestion | S1 | 1.3550 | intraday low | ||
| R3 | 1.3740 | * | break level | S2 | 1.3525 | * | 9 Mar (m) low | |
| R2 | 1.3700 | ** | congestion | S3 | 1.3480~ | ** | 30 Jan YTD low | |
| R1 | 1.3600 | ** | congestion | S4 | 1.3420 | ** | September 2024 low |
Asterisk denotes strength of level
16:55 BST - The anticipated break below 1.3600 has reached 1.3550, where flat oversold intraday studies are prompting short-term reactions. Immediate focus is back on congestion resistance at 1.3600. But negative daily readings and bearish weekly charts should limit any tests in renewed selling interest. A close above here, if seen, would help to stabilise price action and give way to consolidation beneath further congestion around 1.3700. Following cautious/corrective trade, fresh losses are looked for. A break below the 1.3550 current day low will open up the 1.3525 monthly low of 9 March, with room for continuation of late-March losses towards strong support at the 1.3480 current year low of 30 January.