FX levels to watch – EUR/USD, GBP/USD, USD/CAD

The dollar continues to carry all before it, with further pressure on the euro and sterling. Meanwhile, USD/CAD’s uptrend has been reinvigorated.

EUR/USD drops towards key support

EUR/USD is continuing its decline for the week, and further losses will bring the $1.15 area into play.

A move above $1.1770 would breach the sequence of lower highs seen since May, although bulls will need a close above $1.18 to create a new higher high.

GBP/USD heading lower once more

A similar picture prevails here for GBP/USD, with cable heading back to $1.3040, the lows of June.

In this case, a close above $1.3365 is needed to break the sequence of lower highs. A move below $1.3040 would see the $1.2773 level come into view next as potential support.

USD/CAD bulls carry the day

USD/CAD has created a new higher low this week, dropping below C$1.31 before rallying.

Further gains will target C$1.34 once it has cleared the C$1.32 high established on Wednesday. A close below C$1.3050 would be needed to suggest a broader retracement is underway. 

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