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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​​EUR/USD steady, while GBP/USD and USD/CAD rise​

Inflation figures have pushed sterling higher this morning, while USD/CAD has returned to the 200-day SMA.

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​​​EUR/USD little-changed in early trading

EUR/USD rebounded on Tuesday, maintaining the uptrend for the time being.

After a steady stair-step move higher over the past three weeks, the index still looks on course to move above $1.10 again, and then on towards the $1.12 level.

A more serious move lower would require a drop back below the 50-day simple moving average (SMA), indicating that the March lows around $1.05 may be tested.

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

​GBP/USD bolstered by inflation news

​Stronger wage data on Tuesday supported GBP/USD and allowed it to consolidate after falling back from $1.25, and inflation numbers this morning have provided further impetus.

The overall upward move continues, and last May’s highs at $1.266 become the next target as the pound continues to appreciate against the US dollar. Dips remain buying opportunities for the time being.

​A move back below $1.22 would be needed to suggest that a more neutral view prevails.

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

​USD/CAD returns to the 200-day SMA

​A push back to the 200-day SMA means that the longer-term move higher may not be entirely finished with USD/CAD. The price has stabilised after its steep drop from the March highs, and a move back above the 200-day SMA and the C$1.34 level could point towards a renewed bounce, particularly if accompanied by a bullish moving average convergence divergence (MACD) crossover.

This might then suggest that a move back towards C$1.356 is in the offing, and potentially back towards C$1.38 over time.

​A move back below C$1.33 would negate this view and bring the November 2022 and February 2023 lows around C$1.326 into view as support again.

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

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