FXOpen
After a brief correction, the US dollar is back on an upward trajectory. The GBP/USD pair has fallen to 1.2600, USD/CAD has bounced from 1.3940 and is heading towards 1.4000, while EUR/USD is approaching 2023 lows.
USD/CAD
At the start of the trading week, dollar buyers managed to push USD/CAD up to 1.4100. However, the pair failed to consolidate above this level and lost over 150 points in subsequent sessions. Nonetheless, the 1.3940–1.3900 range, which had served as resistance for two years, acted as support.
The bounce from 1.3940 allowed buyers to form a reversal pattern, potentially paving the way for another attempt at 1.4100. A decline below 1.3900, however, could lead to a full-fledged downward correction towards the 1.3870–1.3800 range.
Key events influencing USD/CAD pricing today:
- 16:30 (GMT +3): Canadian core retail sales for October.
- 17:45 (GMT +3): US services PMI for November.
- 21:00 (GMT +3): Baker Hughes rig count data.
EUR/USD
A retest of the crucial 1.0620–1.0600 range has highlighted the weakness of euro buyers. The rejection from this level resulted in a drop of over 150 points in just one day.
Technical analysis of EUR/USD suggests the downward trend may continue towards last year’s lows, provided the 1.0520–1.0500 range flips into resistance.
Key events impacting EUR/USD dynamics today:
- 10:00 (GMT +3): German Q3 GDP release.
- 11:30 (GMT +3): Speech by ECB President Christine Lagarde.
- 12:00 (GMT +3): Eurozone services PMI for November.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
The US Dollar Index (DXY) Rebounds from a Two-Month Low
A week ago, we:
→ updated a system of two trend channels;
→ identified signs of selling pressure dominance;
→ outlined a scenario in which price could slide towards the lower boundary of the blue channel, potentially acting as key support.
As the
Tesla (TSLA) Shares Close at a Record High
On Tuesday, 16 December 2025, Tesla shares closed at a new all-time high, breaking above the $488 level.
As a result, TSLA:
→ surpassed its December 2024 peak;
→ is up by roughly 125% from this year’s lows;
→ made Elon Musk
USD/JPY and USD/CAD Under Pressure After Weak US Labour Market Data
The US jobs report for November, released yesterday, reinforced the downward momentum in the dollar. The Department of Labor reported that non-farm payrolls rose by just 64,000, only slightly above analysts’ expectations and signalling a fragile recovery in the