EUR/USD and GBP/USD start to regain lost ground, while USD/CAD turns lower
EUR/USD and GBP/USD start to push higher after recent declines, while USD/CAD looks to return lower after a brief upward retracement.
EUR/USD turning higher after latest retracement
EUR/USD is on the rise in early trade, with yesterday’s risk-off move seeing the pair fall back from resistance.
That late-February peak of $1.2243 remains a key hurdle up ahead, yet the current turn higher does highlight the expectation that we will see a continuation of the recent bullish trend. As such, further upside looks likely unless the price falls back below the $1.2051 support level.
GBP/USD regaining lost ground
GBP/USD is also on the rise, with the pair having lost ground after a rise back towards the key $1.4241 resistance level.
Despite the existence of that major resistance level, further upside seems likely in a continuation of the wider uptrend. With that in mind, a bullish view holds unless we see the price fall back below the $1.4005 handle.
USD/CAD rolling over after recent rebound
USD/CAD has managed to rebound into the 61.8% Fibonacci level, but the pair is now starting to fade once again.
The past year has seen a consistent downtrend for this market, and thus we expect to see further weakness unless the price breaks through the C$1.2203 swing high.
This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.8 pips on EUR/USD
- Analyze market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on the most popular forex markets