Published: 2024-04-25T15:49:41.000Z
Chart USD/CAD Update: Cautious trade - daily studies under pressure
Senior Technical Strategist
2
Little change, as prices settle into choppy trade just below congestion resistance at 1.3700
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3855 | * | 10 Nov (w) high | S1 | 1.3655 | 24 Apr low | ||
R3 | 1.3845 | * | 16 Apr YTD high | S2 | 1.3590/00 | ** | 38.2% ret of Dec-Apr rally; break level | |
R2 | 1.3800 | ** | congestion | S3 | 1.3550 | * | break level | |
R1 | 1.3700 | ** | congestion | S4 | 1.3500/10 | ** | congestion; 50% ret of Dec-Apr rally |
16:30 BST - Little change, as prices settle into choppy trade just below congestion resistance at 1.3700. Intraday studies are mixed/positive, suggesting potential for a fresh test above here. However, negative daily readings and flat overbought weekly stochastics are expected to limit scope in fresh selling interest beneath 1.3800. In the coming sessions, cautious trade should give way to fresh losses. A close below the 1.3655 low of 24 April will add weight to sentiment and extend losses towards strong support at the 1.3590 Fibonacci retracement and 1.3600. Extension of April losses towards 1.3550 cannot be ruled out.