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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.

FX levels to watch – EUR/USD, GBP/USD, USD/CAD

The dollar continues to carry all before it, with further pressure on the euro and sterling. Meanwhile, USD/CAD’s uptrend has been reinvigorated.

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EUR/USD drops towards key support

EUR/USD is continuing its decline for the week, and further losses will bring the $1.15 area into play.

A move above $1.1770 would breach the sequence of lower highs seen since May, although bulls will need a close above $1.18 to create a new higher high.

EUR/USD chart

GBP/USD heading lower once more

A similar picture prevails here for GBP/USD, with cable heading back to $1.3040, the lows of June.

In this case, a close above $1.3365 is needed to break the sequence of lower highs. A move below $1.3040 would see the $1.2773 level come into view next as potential support.

GBP/USD chart

USD/CAD bulls carry the day

USD/CAD has created a new higher low this week, dropping below C$1.31 before rallying.

Further gains will target C$1.34 once it has cleared the C$1.32 high established on Wednesday. A close below C$1.3050 would be needed to suggest a broader retracement is underway. 

USD/CAD chart

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