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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch – EUR/USD, GBP/USD, USD/CAD

The dollar continues to carry all before it, with further pressure on the euro and sterling. Meanwhile, USD/CAD’s uptrend has been reinvigorated.

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EUR/USD drops towards key support

EUR/USD is continuing its decline for the week, and further losses will bring the $1.15 area into play.

A move above $1.1770 would breach the sequence of lower highs seen since May, although bulls will need a close above $1.18 to create a new higher high.

GBP/USD heading lower once more

A similar picture prevails here for GBP/USD, with cable heading back to $1.3040, the lows of June.

In this case, a close above $1.3365 is needed to break the sequence of lower highs. A move below $1.3040 would see the $1.2773 level come into view next as potential support.

USD/CAD bulls carry the day

USD/CAD has created a new higher low this week, dropping below C$1.31 before rallying.

Further gains will target C$1.34 once it has cleared the C$1.32 high established on Wednesday. A close below C$1.3050 would be needed to suggest a broader retracement is underway. 

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.  Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. 

CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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