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Dollar declines send EUR/USD and GBP/USD higher, as USD/CAD falls into support

Dollar weakness continues, with EUR/USD and GBP/USD on the rise as USD/CAD falls into key support.

Transcript

EUR/USD pushes through Fibonacci resistance to build on bullish break

EUR/USD is building on the bullish breakout seen yesterday, with the price rising through the 61.8% Fibonacci level despite a brief pullback at that level.

This push up through to a one-month high points towards further upside coming into play from here, with a drop back below the overnight lows of $1.1875 required to bring about a more neutral outlook. Until then, further upside looks likely as we push up towards the 76.4% Fibonacci level at $1.1923.

GBP/USD continues to build on bullish week

GBP/USD continues to gain ground this morning, with the pair expected to continue its trend higher after seeing the price rise through the $1.391 resistance level.

A break back below the $1.3843 level would bring a more bearish outlook into play. Until then, further gains look likely for GBP/USD.

USD/CAD falls back into key support after recent breakdown

USD/CAD has slumped back into the crucial $1.2425 support level this morning, with the pair on the slide since dropping through 76.4% Fibonacci support.

A break back below that $1.2425 support level would bring about a bearish reversal signal for the pair. As such, sentiment for the day ahead looks to be dictated by the reaction to this key support level


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