Published: 2024-05-09T15:58:00.000Z
Chart USD/CAD Update: Potential for a test lower
Senior Technical Strategist
1
Little change, as prices extend cautious trade around congestion support at 1.3700
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3900 | ** | 1 Nov 2023 (y) high, figure | S1 | 1.3700 | ** | congestion | |
R3 | 1.3855 | * | 10 Nov (w) high | S2 | 1.3650 | congestion | ||
R2 | 1.3845 | * | 16 Apr YTD high | S3 | 1.3590/00 | ** | 38.2% ret of Dec-Apr rally; break level | |
R1 | 1.3800 | ** | congestion | S4 | 1.3550 | * | break level |
16:45 BST - Little change, as prices extend cautious trade around congestion support at 1.3700. Intraday studies are falling, highlighting potential for a break. However, rising daily readings are expected to limit initial scope in further consolidation above congestion around 1.3650. Broader weekly charts, are under pressure, pointing to room for a later break beneath here and extension of mid-April losses towards 1.3590/00. Still lower is 1.3550. Meanwhile, congestion resistance at 1.3800 should cap any fresh tests higher.