Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Dollar declines send EUR/USD and GBP/USD higher, as USD/CAD falls into support

Dollar weakness continues, with EUR/USD and GBP/USD on the rise as USD/CAD falls into key support.

Video poster image
Transcript

EUR/USD pushes through Fibonacci resistance to build on bullish break

EUR/USD is building on the bullish breakout seen yesterday, with the price rising through the 61.8% Fibonacci level despite a brief pullback at that level.

This push up through to a one-month high points towards further upside coming into play from here, with a drop back below the overnight lows of $1.1875 required to bring about a more neutral outlook. Until then, further upside looks likely as we push up towards the 76.4% Fibonacci level at $1.1923.

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

GBP/USD continues to build on bullish week

GBP/USD continues to gain ground this morning, with the pair expected to continue its trend higher after seeing the price rise through the $1.391 resistance level.

A break back below the $1.3843 level would bring a more bearish outlook into play. Until then, further gains look likely for GBP/USD.

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

USD/CAD falls back into key support after recent breakdown

USD/CAD has slumped back into the crucial $1.2425 support level this morning, with the pair on the slide since dropping through 76.4% Fibonacci support.

A break back below that $1.2425 support level would bring about a bearish reversal signal for the pair. As such, sentiment for the day ahead looks to be dictated by the reaction to this key support level

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

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

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. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

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

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.