Intraday Analysis – USDCAD CPI Breaks Upper Channel
Daily analysis 14.02.2024 : USDCAD , EURGBP , GER 40
![Intraday Analysis: USDCAD CPI breaks upper channel, EURGBP Breaks Support, GER 40 Continues to Climb](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/14091203/Intraday-60.png)
USDCAD CPI breaks upper channel
![USDCAD chart showing CPI break above upper channel](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/14090828/USDCAD-chart-14-2-2024.png)
The Canadian dollar retreated against the greenback as CPI data pushed prices higher. The recent consolidation before the news release moved slightly lower as a false spike bounced off the 1.3400 level. This suggests that another test could be on the radar, and a potential break could move prices to the lower channel at 1.3350. Looking at the bigger picture, 1.3330 becomes the new support as bulls look for a move back towards 1.3600.
EURGBP breaks support
![EURGBP chart showing the break below support level at 0.8520 and testing the 20-day SMA resistance at 0.8545](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/14090912/EURGBP-charts-14-2-2024.png)
The euro slipped against the pound as employment data in the UK exceeded expectations. The euro is under pressure after a break below the previous support at 0.8520. The previous high of 0.8545 is the new resistance and coincides with the 20-day SMA on the daily chart. The RSI’s venture into the oversold area has attracted some interest, but bulls must reclaim 0.8600 before hoping for a turnaround. A retest of the daily low and critical level at 0.8500 would threaten the downtrend in the near term.
GER 40 continues to climb
![GER 40 chart showing a bullish trend with a test at 17000 on the horizon](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/14090959/GER40-chart-14-2-2024.png)
The Dax 40 remains bullish since bouncing off the 16350 area last month. With a test at 17000 on the horizon, bears have been prompted to scramble for the exit. However, a drop below the current support at 16800 would confirm the lack of follow-up bids and potentially trigger a broader downside. This could open the door for a sell-off in the medium term. The level of 17060 looks like the top of a consolidation channel that saw a recent rejection, so a break here leads to fresh highs above 17100.
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