EUR/USD, GBP/USD and USD/CAD struggle to make headway
With little news to drive them, FX markets are lacking direction this morning.
EUR/USD losses slow for now
EUR/USD declines have stalled in recent days, holding around the $1.065 level.
This might lead to the creation of a higher low, though we would need to see a move back above $1.077 to provide confirmation that the buyers have reasserted control. This might then open the path towards a new leg higher that could see the price move back to $1.11.
Alternately, further declines will test the March lows around $1.053
GBP/USD drifts around $1.24
GBP/USD weakness on Monday and Tuesday was met by fresh buying that helped to avoid further declines.
Should the buyers retain control then a move back above the 50-day simple moving average (SMA) might result, potentially opening the path to $1.255 and higher once more.
It would need a move back below $1.23 to suggest that a more bearish medium-term view prevails, as this would result in a move below the late-May low.
USD/CAD struggles to hold C$1.34
Further USD/CAD weakness has seen the price drop to a fresh four-week low.
More downside will bring the early-May lows around C$1.33 into view, and then below this the price will target $1.326 from late-January.
Alternately, a move above $1.345 would open the way to another push towards C$1.365 resistance.
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