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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​​​EUR/USD, GBP/USD and USD/CAD struggle to make headway

​​With little news to drive them, FX markets are lacking direction this morning. ​

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EUR/USD losses slow for now

EUR/USD declines have stalled in recent days, holding around the $1.065 level.

​This might lead to the creation of a higher low, though we would need to see a move back above $1.077 to provide confirmation that the buyers have reasserted control. This might then open the path towards a new leg higher that could see the price move back to $1.11.

​Alternately, further declines will test the March lows around $1.053

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD drifts around $1.24

GBP/USD ​weakness on Monday and Tuesday was met by fresh buying that helped to avoid further declines.

​Should the buyers retain control then a move back above the 50-day simple moving average (SMA) might result, potentially opening the path to $1.255 and higher once more.

​​It would need a move back below $1.23 to suggest that a more bearish medium-term view prevails, as this would result in a move below the late-May low.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​USD/CAD struggles to hold C$1.34

​Further USD/CAD weakness has seen the price drop to a fresh four-week low.

​More downside will bring the early-May lows around C$1.33 into view, and then below this the price will target $1.326 from late-January.

Alternately, a move above $1.345 would open the way to another push towards C$1.365 resistance.

USD/CAD chart Source: ProRealTime
USD/CAD chart Source: ProRealTime

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