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

The dollar appears to be coming back into favour, with GBP/USD completing a double top and USD/CAD breaking through key resistance.

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
Forex
Source: Bloomberg

EUR/USD pulls back towards fib support

EUR/USD has been retracing the rally from $1.0620, with the pair pulling back in towards the 76.4% retracement overnight.

We do have a clear uptrend in place, which would only be undermined by a break back below $1.0620. Until then, another leg higher remains a distinct possibility.

GBP/USD completes double top pattern

GBP/USD has broken below the crucial $1.2412 support level, which represents the neckline of a double top formation.
A closed hourly candle below that level would provide a bearish signal, with the next key support level all the way down at $1.2254.

USD/CAD breaking above key resistance

USD/CAD is in the process of breaking above the crucial $1.3169 resistance level this morning, completing a short term bullish reversal.
Given that this has taken place around the crucial historical support level of $1.3000 (October 2016 low), there is reason to believe we could see further gains. As such, a bullish outlook is in place unless we see an hourly close below $1.3074.

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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.