Published: 2024-05-01T15:48:15.000Z
Chart USD/CAD Update: Cautious trade in broad range
Senior Technical Strategist
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Sharp gains have met selling interest beneath congestion resistance at 1.3800
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 |
16:40 BST - Sharp gains have met selling interest beneath congestion resistance at 1.3800, as overbought intraday studies unwind with prices turning lower. Focus is turning back to congestion support at 1.3700, but rising daily readings are expected to prompt buying interest above here and limit any immediate tests in further consolidation. In the coming sessions, a test of 1.3800 cannot be ruled out, but mixed/negative weekly charts are expected to limit a break in selling interest towards the 1.3845 current year high of 16 April.