EUR/USD and GBP/USD rise towards resistance, while USD/CAD declines ease
EUR/USD and GBP/USD are on the rise, with both moving back towards key resistance. Meanwhile, USD/CAD is struggling to maintain its momentum as crude prices fall.
EUR/USD rises back into key support level
EUR/USD has managed to regain ground, with the pair pushing back into the $1.2243 resistance level once more. That level represents both the recent high established on Wednesday, but also the major swing high dating back to late February.
As such, the outlook will be determined by the reaction to this level, with the pair looking likely to ultimately break higher to continue this recent uptrend.
GBP/USD seeks to continue recent uptrend
GBP/USD is similarly gaining ground, with the pair seeking to ultimately push up into the $1.4241 resistance.
The recent uptrend brings hope that we will see a continuation of the longer-term bullish trend, although we will need to overcome key resistance in the form of $1.422 and $1.4241 to prove that this move has legs.
USD/CAD struggling amid crude weakness
USD/CAD has been attempting to continue its bearish trend, with yesterday seeing the pair move sharply lower. However, with Iranian crude looking like it could ramp up global supply, we have seen energy prices suffer which dents CAD valuations.
Nonetheless, the ongoing downtrend is not over, and thus despite the current consolidation there is a good chance we ultimately resolve with another move lower. As such, further downside does still seems likely, with a break up through the likes of $1.2144 and $1.2203 needed to start bringing confidence in a more protracted move higher.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
