Published: 2024-10-14T10:24:48.000Z
Chart EUR/CAD Update: Higher in CAD-driven trade
Senior Technical Strategist
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Steady CAD-driven gains are extending towards resistance at 1.5100
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5227 | ** | 5 Aug YTD high | S1 | 1.5050 | break level | ||
R3 | 1.5200 | break level | S2 | 1.5000 | * | congestion | ||
R2 | 1.5150 | * | congestion | S3 | 1.4950 | congestion | ||
R1 | 1.5100 | * | break level | S4 | 1.4900 | ** | 50% ret of Jun-Aug rally |
Asterisk denotes strength
11:00 BST - Steady CAD-driven gains are extending towards resistance at 1.5100, where mixed intraday studies are prompting short-term consolidation. Daily readings continue to rise, highlighting room for a test above here. But mixed/negative weekly charts and a deterioration in EUR-sentiment suggest increased selling pressure towards congestion around 1.5150. Meanwhile, support is at 1.5050. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above congestion around 1.5000.