Published: 2024-05-02T15:32:25.000Z
Chart USD/CAD Update: Under pressure
Senior Technical Strategist
2
Little change, as prices extend pressure on congestion support at 1.3700
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3900 | ** | congestion, November 2023 (m) high | S1 | 1.3700 | ** | congestion | |
R3 | 1.3855 | * | 10 Nov (w) high | S2 | 1.3632 | 26 Apr (w) low | ||
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 |
16:15 BST - Little change, as prices extend pressure on congestion support at 1.3700. Intraday studies are under pressure, highlighting room for a break towards the 1.3632 weekly low of 26 April. However, mixed daily readings are expected to limit any initial tests in consolidation, before unwinding overbought weekly stochastics prompt a break and extend April losses towards support at 1.3590/00. Meanwhile, resistance remains up to congestion around 1.3800 and is expected to cap any immediate tests higher.