Published: 2024-04-16T16:14:30.000Z
Chart USD/CAD Update: Extending gains
Senior Technical Strategist
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Late-December gains continue to extend
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 | intraday high | S4 | 1.3600 | ** | break level |
16:50 BST - Late-December gains continue to extend, with prices posting a fresh 2024 high around 1.3845. Immediate focus is on the 1.3855 weekly high of 10 November. The rising daily Tension Indicator suggests potential for a test above here. However, flattening overbought daily and weekly stochastics are expected to prompt profit-taking towards strong resistance at the 1.3900 year high of 1 November 2023. A close above here, if seen, will turn sentiment outright positive once again and open up 1.4000. Meanwhile, support is raised to congestion around 1.3800. A close beneath here would turn sentiment neutral and promote consolidation above further congestion around 1.3700.