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.
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