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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.

EUR/USD and GBP/USD try to halt losses, while USD/CAD falls back

Both the euro and sterling are attempting to stem the downside against the dollar, while the US dollar is dropping back against the Canadian dollar.

CAD Source: Bloomberg

​​​EUR/USD holds at December support

EUR/USD has returned to the $1.095 level that marked support in early December.

​​A close back above $1.08 might suggest that a low has formed, though trendline resistance from the December high would need to be breached, as well as the run of lower intraday highs over the past month.

​​Additional declines take the price towards $1.067 and then $1.0536.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

​GBP/USD drops back from recent range

​Two sharp days of losses have shaken GBP/USD out of the range seen since mid-December.

​​But with the pair moving higher on Tuesday, a rebound could be in store. A longer-term move higher needs to clear $1.28, in order to suggest that this upside barrier has been broken.

​​Sellers will want to see a close below $1.25 to suggest that a further push towards the October lows is developing.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​USD/CAD bounce hits selling

​After gaining over the first two days of the week the price has faltered with USD/CAD.

​​It has dropped back below the mid-January highs around C$1.3526. Further losses target the late-January low just above C$1.335.

​​A renewed push higher targets C$1.362.

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

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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