FX levels to watch: EUR/USD, GBP/USD and USD/CAD
The dollar remains under pressure, with EUR/USD and GBP/USD breaking higher and USD/CAD weakness proving remarkably consistent.
EUR/USD rising towards resistance zone
EUR/USD is pushing upwards once more, as the pair seeks to continue creating higher highs.
The wider picture for the pair looks like a gradual bottoming out process, with lower highs in October to December reversing to post higher highs since. This points towards a potential bullish breakout for the pair, with a rise through the $1.15 level possibly setting us up for a more protracted period of upside.
GBP/USD heading upwards towards crucial resistance level
GBP/USD is rising once again this morning, with the pair heading towards the key $1.2812 level. Should we see that level broken, it would provide a more bullish view for the pair.
Whether or not we see that level broken will be key to how we view the pair, with the ability or inability to break the $1.2812 level crucial to whether we are bullish or bearish.
USD/CAD continues to lose ground
USD/CAD has continued its downtrend, with the breakdown through trendline support providing a remarkably consistent period of downside for the pair.
Much of this is associated with the recovery in oil prices, and thus it makes sense to watch crude as a key gauge of where USD/CAD goes. For now, this recent downtrend looks set to continue, with a bearish outlook in play unless we break through the recent swing high of $1.3323.
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