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GBP/USD and AUD/USD edge higher, while USD/CAD rally stalls

​​Both sterling and the Australian dollar have managed to move up slightly against the US dollar, while recent USD/CAD strength seems to have been halted for now.

USD Source: Bloomberg
Forex United States dollar Canadian dollar USD/CAD AUD/USD Price
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

​​​GBP/USD stabilises around $1.27

​The consolidation of the past two months continues here. GBP/USD has shown little enthusiasm for a fresh move higher, caught between higher UK inflation and reducing expectations around an early Federal Reserve (Fed) rate cut.

​Downside has been contained just above $1.26, so a more substantial move lower requires a close below this level. This would then see the price target the early-December lows around $1.25.

​Recent upside has been capped below $1.28, leaving this as the principal barrier to break for any more sustained rally to develop.

GPB/USD chart Source: ProRealTime
GPB/USD chart Source: ProRealTime

​AUD/USD sees buyers emerge

AUD/USD price has halted its decline from the December highs, and may yet be able to move higher again.

​Support has been found around $0.655, as was the case in early December. This might then lead to a resumption of the move higher, which could see the price head back towards $0.665, and then on above $0.67.

​Sellers will need a close below $0.652 to suggest that a fresh bearish view is beginning to form.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

​USD/CAD rally stumbles

​The strong rally of January has run into some selling for USD/CAD, with the price unable to push on above the 50-day simple moving average (SMA).

A more substantial move lower may develop if the price closes back below C$1.34, and could mark the beginning of a move back to the December lows around C$1.32.

​Alternately, a recovery above C$1.353 could see fresh upside, leading on to another test of C$1.36.

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

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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