Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD and GBP/USD bounce off multi-decade lows while USD/CAD tops out

EUR/USD, GBP/USD and USD/CAD pause their recent trends.

EUR/USD bounces off 20-year lows ahead of ECB rate decision

EUR/USD is in recovery mode ahead of Thursday’s European Central Bank (ECB) meeting and possible 75 basis point (bp) rate hike to 1.25%, having dipped to a 20-year low below the 99 cents mark earlier in the week on the back off Gazprom indefinitely shutting down the Nordstream 1 pipeline.

The cross has breached its one-month downtrend line at $0.9977 and seems to be gunning for its last reaction highs on the daily chart – a high made above that of the previous and the following day – which were made in late August at $1.0079 to $1.0089. Together with the late July low at $1.0097 these are likely to cap any further upside this week, though.

Minor support below the breached one-month downtrend line can be found at the $0.9901 23 August low. From a medium-term technical perspective, the cross remains under pressure while it stays below its late August high at $1.0089.

GBP/USD briefly dipped to 37-year low

The announcement of the new UK prime minister Liz Truss’ election by her conservative party members pushed GBP/USD to levels last seen in 1985 as market players worry about how her proposed energy price cap and other economic policies which will add eye-watering amounts to the UK’s debt burden will affect the pound sterling.

After initial falls close to the $1.14 mark, the cross managed to stabilise and heave itself back above $1.15. It remains immediately under pressure, however, while it trades below this week’s high at $1.1609 and within its clearly defined downtrend channel.

GBP/USD has been trading in its downtrend channel for the past month, the upper resistance line of which comes in at $1.1586.

USD/CAD stalls post BoC rate hike

USD/CAD short term topped out at C$1.3209 following the Bank of Canada’s (BoC) decision to raise rates by 75 bp to 3.25% on Wednesday, having risen from its C$1.2728 11 August low by close to 4%.

A retracement back towards its early September low, 23 August high and one-month uptrend line at C$1.3075 to C$1.3054 is now on the cards with this area expected to offer support, at least short-term.

Immediate resistance above today’s intraday high at C$1.3138 can be found at the 5 September C$1.3173 high with key resistance remaining to be seen between the July and early September highs between C$1.3208 and C$1.3223.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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 and quarterly summary.

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

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" edit-mode="false" style="--live-prices-table-rows:5" >


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

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

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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 spread betting and CFDs.

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