EUR/USD, GBP/USD and USD/CAD see dollar weakness​

Dollar under pressure amid sharp moves for EUR/USD, GBP/USD and USD/CAD.

​EUR/USD rallies to complete double bottom

EUR/USD has managed to break through the crucial $1.1097 resistance level this week, completing a double bottom formation in the process. That signals further upside to come, with any short-term downside looking like a buying opportunity.

A decline below $1.1066 would negate this bullish view, but unless that happens, further upside seems likely before long.

GBP/USD surges into seven-month high

GBP/USD has resumed the upward surge seen in mid-October, with the break through $1.2976 ultimately providing us with a huge spike for the pound. This looks likely to persist unless we see a big shift towards the Labour Party.

With the current candle alluding to a potential short-term pullback, there is the chance we could see some profit-taking ahead of the weekend. However, any such weakness would be viewed as a precursor to further upside unless we decline below $1.2878.

USD/CAD slumps ahead of jobs report

USD/CAD has finally reversed lower to continue the long-term bearish picture for the pair. The decline below $1.319 signals that impending period of weakness, although the price appears to have stalled this morning.

With that in mind, watch for a break below $1.3158 to bring a renewed short-term bearish signal for the pair. Alternately, with both the Canadian and US jobs reports due today, we could see volatility in either direction. Should such a move come to the upside, it would be perceived as a selling opportunity unless the price breaks through the $1.3319 peak.

The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.