CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Dollar weakness drives EUR/USD and GBP/USD gains, while USD/CAD breaks lower

FOMC-fuelled dollar weakness sparks EUR/USD and GBP/USD gains, while USD/CAD breaks through Fibonacci support.

EUR/USD drives higher after recent upside break

EUR/USD has built on the rise through $1.1831, with the pair driving into a fresh two-week high. The gradual nature of the recent downtrend did point to such a move likely coming into play before long, and we are now looking for clues as to where this rise will push into.

The wider Fibonacci retracement from $1.1975 is of particular interest, with $1.189 and $1.1922 representing the two notable deep Fib levels worth considering from the bears to come back into play once again. Until then, further short-term upside looks likely from here.

GBP/USD breaks key resistance to end recent bearish threat

GBP/USD has managed to push up through the $1.391 resistance level overnight, with the pair negating the downtrend in play over the course of June and July.

With a more bullish outlook now confirmed, it makes sense to simply follow the intraday trend of higher lows, with a bullish outlook in play until the price breaks back below $1.3843.

USD/CAD breaks Fibonacci support after recent consolidation

USD/CAD has finally broken from its consolidation phase, with the pair falling into a two-week low this morning.

Crucially, that brings us back below the 76.4% Fibonacci support level as we close in on the key swing low of $1.2425. A break back below that level would confirm the end of the uptrend that has dominated the past two months. As such, watch out for further downside from here, with a break below $1.2425 in particular providing greater confidence in that bearish outlook.


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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.

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