EUR/USD and GBP/USD start to regain lost ground, while USD/CAD turns lower
EUR/USD and GBP/USD start to push higher after recent declines, while USD/CAD looks to return lower after a brief upward retracement.
EUR/USD turning higher after latest retracement
EUR/USD is on the rise in early trade, with yesterday’s risk-off move seeing the pair fall back from resistance.
That late-February peak of $1.2243 remains a key hurdle up ahead, yet the current turn higher does highlight the expectation that we will see a continuation of the recent bullish trend. As such, further upside looks likely unless the price falls back below the $1.2051 support level.
GBP/USD regaining lost ground
GBP/USD is also on the rise, with the pair having lost ground after a rise back towards the key $1.4241 resistance level.
Despite the existence of that major resistance level, further upside seems likely in a continuation of the wider uptrend. With that in mind, a bullish view holds unless we see the price fall back below the $1.4005 handle.
USD/CAD rolling over after recent rebound
USD/CAD has managed to rebound into the 61.8% Fibonacci level, but the pair is now starting to fade once again.
The past year has seen a consistent downtrend for this market, and thus we expect to see further weakness unless the price breaks through the C$1.2203 swing high.
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