CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

​EUR/USD, GBP/USD and USD/CAD expected to head higher despite consolidation​

EUR/USD, GBP/USD and USD/CAD take a breather within the course of their recent recoveries. Are we set for another leg higher before long?

EUR/USD starts to reverse below resistance

EUR/USD is turning lower this morning, following a rally towards the crucial $1.1179 resistance level. If we break through that point, it would provide a wider bullish continuation signal.

However, with the price and momentum starting to roll over, we are at risk of not taking that level. Ultimately, we need to see a break below $1.1131 or above $1.1179 to dictate the outlook from here.

GBP/USD starts to weaken, yet recovery remains in play

GBP/USD has similarly seen some selling come into play, following on from a week dominated by buying. That short-term uptrend remains intact, and will only be negated should we see a break below $1.2925.

However, until that happens, the pair is likely to resolve with another move towards the upside. Keep an eye out for this morning’s appearance from Brexit Party leader Nigel Farage as a potential driver of sterling volatility.

USD/CAD expected to break higher once again

USD/CAD has been consolidating off the back of Wednesday’s sharp move higher. With the pair having declined into trendline support, we have seen USD/CAD gain ground over the course of the week.

The bullish wedge breakout has taken us into a bullish trend and that is expected to continue. Watch for a break through the $1.3173 level to signal the beginning of the next leg higher.


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