Chart USD/CAD Update: Under pressure
Cautious trade beneath congestion resistance at 1.3700 has given way to fresh losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3850 | congestion | S1 | 1.3540 | ** | 16 June 2025 (y) low | ||
| R3 | 1.3800 | ** | congestion | S2 | 1.3500 | ** | congestion | |
| 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 GMT - Cautious trade beneath congestion resistance at 1.3700 has given way to fresh losses, as intraday studies track lower, with the break below 1.3600 currently trading around 1.3575. Immediate focus is on support within congestion around 1.3500 and the 1.3540 year low of 16 June 2025. But rising daily readings are expected to limit any initial tests in consolidation, before bearish weekly charts prompt fresh losses. A close below here 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. Meanwhile, a close back above 1.3600, if seen, will help to stabilise price action and prompt consolidation beneath 1.3700.