Market Update: Big CAD Levels Nearby
Market Update – August 6
August 6, 2020
Dollar Underpinned By Upbeat Economic Data
August 10, 2020
SILVER FUTURES WEEKLY
After some back and fill, silver blew through 26. The recent parabolic move could run into a ceiling near 33.80. This is based on a parallel related to the 1971-2001 trendline. This parallel crosses highs in 1974, 1987, and 2008.
EURCAD WEEKLY
EURCAD is pressing against the trendline that connects the 1998, 2009, and 2018 highs. The March rally failed after spiking through the line. Generally speaking, 1.60ish has been resistance since 2009. Bottom line, EURCAD is at an important ‘decision point’. Massive breakout? Possible as long as 1.5680 holds. I’d go with downside if that level fails however.
AUDCAD WEEKLY
Check out the AUDCAD Fibonacci retracements based on the 2012-2020 drop. Pivots in the cross are ‘in tune’ with the measurements. The 61.8% retrace is just above at .9746. Over the last 6 years, .9650-.9750 has been a pivot, initially as support and then resistance…so watch for resistance.
