There is a similar discussion that was held a few years ago on this sub which may be of interest here. Though it focuses mainly on whether Shakespeare had a strong knowledge of Chaucer, rather than an ability to read without translation.

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https://www.reddit.com/r/AskHistorians/comments/4rqrwv/did_shakespeare_read_chaucer/

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u/Yst provides some interesting insight which is well worth a read.