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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

EUR/USD and GBP/USD attempt to regain ground following recent downside. Meanwhile, Friday’s deterioration in USD/CAD brings the price back into key support.

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EUR/USD moves into Fibonacci support

EUR/USD has pulled back into the 76.4% retracement this morning, in what looks like another pullback within a month-long uptrend.

The inability to break through the $1.1961 high is a worry, which could point towards a wider retracement into the $1.1771 area (76.4%). However, until we break below $1.1809, there is a good chance we could see the pair push higher once more.

EUR/USD price chart

GBP/USD showing signs of weakness

GBP/USD has fleetingly broken below the $1.3432 support level this morning, following on from the weakness we saw towards the end of last week.

This points towards a possible wider pullback. A convincing hourly close below that $1.3432 level would provide a clue that the move lower is going to happen sooner rather than later. Alternatively, we could see the price retrace the recent pullback.

GBP/USD price chart

USD/CAD falls into key support zone

USD/CAD has tumbled back into a key support zone following Friday’s sharp deterioration, with trendline support, and the $1.2666 level providing a key zone to watch.

The ability to break below that level will be key to determining the outlook for the day. An hourly close below $1.2666 would point towards the possibility of another strong move lower.

USD/CAD price chart

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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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