Canada Markets closed

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

Kenny Fisher

GBP/USD continues its impressive late-week rally. In Friday’s North American session, the pair is trading at 1.2564, up 1.08% on the day.

Cable Soars to 13-Week High

The pound has climbed to its highest level since early July, after the leaders of the U.K. and Ireland met for Brexit talks and said that they “agreed that they could see a pathway to a possible deal.” This has renewed optimism that a no-deal scenario, which would be detrimental to the British economy, can be avoided. Further signals that a withdrawal deal is at hand could continue to boost the pound.

Technical Analysis

GBP/USD punched above several resistance lines on Thursday, and the upward movement has continued on Friday. The pair has moved some distance away from 1.2420, which had held in resistance since late September, prior to Thursday. The main trend remains up, with the next resistance line at 1.2585. This line is under pressure and could be tested in the Friday session.

GBP/USD 4-Hour Chart

USD/CAD

USD/CAD is trading sideways on Friday. In the European session, the pair is trading at 1.3272, down 0.12%. Traders should keep a close eye on Canadian employment data, which will be released in the North American session. The economy is projected to create 11.2 thousand jobs, a far cry from the spectacular gain of 81.1 thousand in the previous release.

Technical Analysis

USD/CAD continues to test support at 1.3280. If the pair can continue the downward momentum, it could put pressure on 1.3240, which is the next support level.

USD/MXN

Peso Climbs to 9-Week High

USD/MXN continues to lose ground late in the week. On Friday, the pair is trading at 19.36, down 0.48% on the day. This follows a decline of 0.74% on Thursday.

Technical Analysis

USD/MXN tested support at 19.46 on Thursday and has continued the downward movement on Friday. The pair is putting pressure on support at 19.30, which has remained intact since early August. On the upside, there is resistance at 19.70.

USD/MXN 4-Hour Chart

This article was originally posted on FX Empire

More From FXEMPIRE: