GBP/USD, EUR/GBP, USD/CAD – North American Session Daily Forecast

The British pound has showed some gains on Thursday, which has sent GBP/USD higher and EUR/GBP lower. The Canadian dollar is flat, despite a weak GDP report.
Kenny Fisher

GBP/USD has posted slight gains on Thursday. In the North American session, the pair is trading at 1.2932, up 0.28% on the day.

British Consumer Confidence Dips

The turmoil surrounding Brexit and a weak global economy continue to weigh on the British consumer. GfK Consumer Confidence remains mired in negative territory and dipped to -14 in October, matching the lowest reading in 2019. Weak consumer confidence usually translates into decreased consumer spending, which is bad news for the economy.

Technical Analysis

GBP/USD tested resistance at 1.2940 earlier on Thursday. If the pound breaks through this line, it has room to climb towards the symbolic line of 1.3000, which was tested last week. On the downside, there is support at 1.2870.

GBPUSD 1-Day Chart


USD/CAD is flat on Thursday, after posting considerable gains on Wednesday. In the North American session, the pair is trading at 1.3160, down 0.05%.

Canadian GDP Misses Estimate

Canada’s economy grew by 0.1% in August, shy of the forecast of 0.2%. Investor reaction was muted, as USD/CAD has remained steady on Thursday. Traders should be prepared for stronger movement on Friday, when the U.S. releases wage growth and nonfarm payrolls.

Technical Analysis

USD/CAD tested resistance at 1.3200 on Wednesday, but then retracted. This line remains under pressure, which I expect to continue. I am keeping an eye of the 50-EMA line –  USD/CAD broke above this line on Wednesday but then retreated. If USD/CAD regroups and can push past the 50-EMA, it would be a bullish signal and I would expect to see buyers.


USD/CAD 1-Day Chart


EUR/GBP has posted losses on Thursday. In the North American session, the pair is trading at 0.8614, down 0.35% on the day. The pound-to dollar ratio is higher on Thursday, which has pushed EUR/GBP lower.

Technical Analysis

EUR/GBP remains close to the 0.8647 line, which is currently a weak resistance line. The pair has flirted with this line since mid-October, but has not been able to break through this resilient line. Above, we find resistance at the round number of 0.8700. On the downside, there is support at 0.8580, which was tested last week.

EUR/GBP 1-Day Chart

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.