Published: 2024-05-08T15:52:07.000Z
Chart USD/CAD Update: Further gains to remain limited
Senior Technical Strategist
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The anticipated test above 1.3700 is meeting selling interest around 1.3760
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3900 | ** | 1 Nov 2023 (y) high, figure | S1 | 1.3700 | ** | congestion | |
R3 | 1.3855 | * | 10 Nov (w) high | S2 | 1.3650 | congestion | ||
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 |
16:30 BST - The anticipated test above 1.3700 is meeting selling interest around 1.3760, as overbought intraday studies unwind, with focus turning back to 1.3700. A break will open up further congestion around 1.3650, where mixed daily readings are expected to prompt fresh consolidation. Broader weekly charts, are under pressure, however, pointing to room for a later break beneath here and extension of mid-April losses towards 1.3590/00. Beneath here is 1.3550. Meanwhile, congestion resistance at 1.3800 should cap any fresh tests higher.