Published: 2024-09-24T15:23:12.000Z
Chart USD/CAD Update: Focus on 1.3436 in USD- and CAD-driven trade
Senior Technical Strategist
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Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3630 | ** | 38.2% ret of Aug fall | S1 | 1.3465 | * | 6 Sep (w) low | |
R3 | 1.3600 | ** | break level | S2 | 1.3436 | ** | 28 Aug (m) low | |
R2 | 1.3550 | intraday break level | S3 | 1.3400 | ** | break level | ||
R1 | 1.3500 | * | congestion | S4 | 1.3360 | ** | 76.4% ret of Dec-Aug rally |
Asterisk denotes strength of level
16:10 BST - Choppy trade around 1.3500 has given way to the anticipated break, with prices currently pressuring support at the 1.3465 weekly low of 6 September in both USD- and CAD-driven trade. Intraday studies are negative and daily readings are also falling, highlighting room for continuation down to critical support at the 1.3465 weekly low of 6 September. Broader weekly charts are also coming under pressure, but a close beneath here would confirm a significant top in place at the 1.3945~ current year high of 5 August, and open up 1.3400. Meanwhile, a close back above 1.3500 would turn sentiment neutral and prompt consolidation beneath 1.3550.
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Analyst Declaration
I,Mike Macdonald, the Senior Technical Strategist declare that the views expressed herein are mine and are clear, fair and not misleading at the time of publication. They have not been influenced by any relationship, either a personal relationship of mine or a relationship of the firm, to any entity described or referred to herein nor to any client of Continuum Economics nor has any inducement been received in relation to those views. I further declare that in the preparation and publication of this report I have at all times followed all relevant Continuum Economics compliance protocols including those reasonably seeking to prevent the receipt or misuse of material non-public information.
I,Mike Macdonald, the Senior Technical Strategist declare that the views expressed herein are mine and are clear, fair and not misleading at the time of publication. They have not been influenced by any relationship, either a personal relationship of mine or a relationship of the firm, to any entity described or referred to herein nor to any client of Continuum Economics nor has any inducement been received in relation to those views. I further declare that in the preparation and publication of this report I have at all times followed all relevant Continuum Economics compliance protocols including those reasonably seeking to prevent the receipt or misuse of material non-public information.