EUR/USD and GBP/USD start to regain lost ground, while USD/CAD turns lower
EUR/USD and GBP/USD start to push higher after recent declines, while USD/CAD looks to return lower after a brief upward retracement.
EUR/USD turning higher after latest retracement
EUR/USD is on the rise in early trade, with yesterday’s risk-off move seeing the pair fall back from resistance.
That late-February peak of $1.2243 remains a key hurdle up ahead, yet the current turn higher does highlight the expectation that we will see a continuation of the recent bullish trend. As such, further upside looks likely unless the price falls back below the $1.2051 support level.
GBP/USD regaining lost ground
GBP/USD is also on the rise, with the pair having lost ground after a rise back towards the key $1.4241 resistance level.
Despite the existence of that major resistance level, further upside seems likely in a continuation of the wider uptrend. With that in mind, a bullish view holds unless we see the price fall back below the $1.4005 handle.
USD/CAD rolling over after recent rebound
USD/CAD has managed to rebound into the 61.8% Fibonacci level, but the pair is now starting to fade once again.
The past year has seen a consistent downtrend for this market, and thus we expect to see further weakness unless the price breaks through the C$1.2203 swing high.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
