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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​​​EUR/USD, GBP/USD and USD/CAD struggle to make headway

​​With little news to drive them, FX markets are lacking direction this morning. ​

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EUR/USD losses slow for now

EUR/USD declines have stalled in recent days, holding around the $1.065 level.

​This might lead to the creation of a higher low, though we would need to see a move back above $1.077 to provide confirmation that the buyers have reasserted control. This might then open the path towards a new leg higher that could see the price move back to $1.11.

​Alternately, further declines will test the March lows around $1.053

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD drifts around $1.24

GBP/USD ​weakness on Monday and Tuesday was met by fresh buying that helped to avoid further declines.

​Should the buyers retain control then a move back above the 50-day simple moving average (SMA) might result, potentially opening the path to $1.255 and higher once more.

​​It would need a move back below $1.23 to suggest that a more bearish medium-term view prevails, as this would result in a move below the late-May low.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​USD/CAD struggles to hold C$1.34

​Further USD/CAD weakness has seen the price drop to a fresh four-week low.

​More downside will bring the early-May lows around C$1.33 into view, and then below this the price will target $1.326 from late-January.

Alternately, a move above $1.345 would open the way to another push towards C$1.365 resistance.

USD/CAD chart Source: ProRealTime
USD/CAD chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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.

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