Dollar gains as risk keeps on the defensive

This is seeing commodity currencies lose further ground with USD/CAD up 0.6% to 1.2690 as European equities are staying pressured at the open, with US futures also keeping more subdued; S&P 500 futures down 0.4%.

The dollar's push higher is seeing GBP/USD fall to its weakest in three months:

Daily support @ 1.3731 is being challenged now with further support seen closer to the 200-day moving average (blue line) @ 1.3689 and then the double-bottom seen at the March and April lows closer to 1.3670.

The latter two in particular are the key ones to watch in the week ahead, in trying to gauge any further downside potential in cable.

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