Chart USD/CAD Update: Prices remain under pressure
Little change, as falling intraday studies keep near-term sentiment bearish
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3900 | ** | 1 Nov 2023 (y) high | S1 | 1.3700 | ** | congestion | |
R3 | 1.3855 | * | 10 Nov (w) high | S2 | 1.3650 | congestion | ||
R2 | 1.3845 | * | 16 Apr YTD high | S3 | 1.3600 | ** | break level | |
R1 | 1.3800 | ** | congestion | S4 | 1.3550 | * | break level |
16:50 BST - Little change, as falling intraday studies keep near-term sentiment bearish and extend consolidation beneath congestion resistance at 1.3800. Daily readings are also turning down, highlighting room for a test of congestion support at 1.3700. A close beneath here will add fresh weight to sentiment and prompt a deeper pullback towards 1.3600. However, rising weekly charts are expected to prompt fresh buying interest towards here. Meanwhile, a close above 1.3800, if seen, will turn sentiment positive. But a further close above the 1.3845 current year high of 16 April is needed to turn price action outright positive and extend late-December gains towards the 1.3900 year high of 1 November 2023.