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

Both the euro and sterling are still eyeing up further gains, while the Canadian dollar was not too bothered by yesterday’s rate increase.

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.

EUR/USD aims for renewed surge

The EUR/USD price moved below the $1.2195 support level but then recovered, and may well be poised for a bounce.

With momentum heavily oversold we could see another bounce, which would see the pair head back towards $1.2250, $1.23 and possibly higher. Below $1.2150, the $1.2092 level comes into play. 

GBP/USD steadies before next run higher

GBP/USD continues to enjoy bullish momentum, despite being knocked back from $1.39 yesterday.

Having been on a steady climb since May, we should expect any weakness to find buyers, although, given how stretched the uptrend is, a sustained pullback seems likely. However, support around $1.3760 could help stem downside in the short term.

USD/CAD unmoved by rate hike

Yesterday’s dovish hike from the Bank of Canada (BoC) provoked a spurt of volatility, but overall USD/CAD is where it was a day ago.

Crucially, the spike higher failed to take out last week’s highs at $1.26, while the January low at $1.2354 has still to be tested. 

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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.