Published: 2024-04-29T15:40:16.000Z
Chart USD/CAD Update: Consolidating - studies under pressure
Senior Technical Strategist
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Little change, as a tick higher in intraday studies keeps near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3855 | * | 10 Nov (w) high | S1 | 1.3632 | 26 Apr (w) 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 |
16:25 BST - Little change, as a tick higher in intraday studies keeps near-term sentiment cautious and extends consolidation above the 1.3632 weekly low of 26 April. Daily readings continue to point lower, however, and broader weekly charts are also coming under pressure, highlighting a bearish tone and room for further losses in the coming sessions. A break below 1.3632 will open up strong support at the 1.3590 Fibonacci retracement and 1.3600. Extension of April losses towards 1.3550 cannot be ruled out. Meanwhile, congestion resistance at 1.3700 is expected to cap any immediate tests higher.