Published: 2024-04-17T15:12:48.000Z
Chart USD/CAD Update: Balanced at year highs - potential for a minor pullback
Senior Technical Strategist
1
Little change, as late-December gains give way to consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.4000 | ** | figure | S1 | 1.3800 | ** | congestion | |
R3 | 1.3900 | ** | 1 Nov 2023 YTD high | S2 | 1.3700 | ** | congestion | |
R2 | 1.3855 | * | 10 Nov (w) high | S3 | 1.3650 | congestion | ||
R1 | 1.3845 | * | 16 Apr YTD high | S4 | 1.3600 | ** | break level |
16:05 BST - Little change, as late-December gains give way to consolidation beneath the 1.3845 current year high of 16 April and the 1.3855 weekly high of 10 November. Intraday studies are falling and overbought daily stochastics are unwinding, highlighting room for a correction lower in the coming sessions. A break below congestion support at 1.3800 will add weight to sentiment and prompt a fall towards further congestion around 1.3700. However, the rising daily Tension Indicator and positive weekly charts are expected to limit any initial tests of here in fresh range trade. Meanwhile, a close above 1.3855, if seen, will target strong resistance at the 1.3900 year high of 1 November 2023, where fresh profit-taking pressure is expected to appear.