Published: 2024-05-07T15:47:44.000Z
Chart USD/CAD Update: Limited tests higher
Senior Technical Strategist
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Little change, as prices extend consolidation following the smart bounce from above support at 1.3590/00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3855 | * | 10 Nov (w) high | S1 | 1.3650 | congestion | ||
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 |
16:20 BST - Little change, as prices extend consolidation following the smart bounce from above support at 1.3590/00. A test above congestion resistance at 1.3700 is developing, as intraday studies edge higher, but already overbought stochastics and mixed/negative daily readings are expected to limit scope in renewed selling interest beneath 1.3800. Meanwhile, support is raised to congestion around 1.3650. Following corrective trade, a break beneath here is looked for, with mid-April losses to focus back on 1.3590/00. Further losses will open up 1.3550.