USD/CAD Is Testing the Support at 1.3000

USD/CAD reached the resistance at 1.3385 well over a month ago and after forming a shooting star candlestick and a double top on the daily time-frame, it bounced off from that level and continued moving to the downside. Yesterday the pair finally reached the support at 1.3000, which coincides with the (MA)89 indicator on the same time-frame and it is still testing that level. If it breaks out below it next target will probably be at 1.2950. A breakout below that support could lead to a further move to the downside towards 1.2880, which is the (MA)89 indicator again, but on the weekly time-frame.

EUR/JPY Found Some Support at 129.20

EUR/JPY has been moving to the downside for the past two weeks, ever since the pair bounced off from the resistance at 132.00, but the pair finally found some support at 129.20, which coincides with the (MA)89 indicator on the weekly time-frame, and bounced off from that level as well after forming an obvious hammer candlestick on the daily time-frame. Currently the pair is testing the resistance at 130.10, which is the same indicator, but on the daily time-frame. If it breaks out above it EUR/JPY may continue rising towards the last high at 132.00. On the other hand, if it bounces off from the indicator it will probably fall back towards the last low at 129.20, and a breakout below that level could lead to a further move to the downside towards 128.50.

New Regulations by ESMA

Most traders are aware by now that the European Securities and Markets Authority, aka ESMA, has mandated new regulation regarding leverage, margin and binary options throughout the European Union – namely, binary options will be banned, leverage for major currency pairs CFDs will be lowered to 30:1, the one for non-major pairs, gold and major indices will be at 20:1, the leverage for commodities will be lowered to 10:1, the one for individual equities – 5:1 and finally, cryptocurrency CFDs leverage will be lowered to 2:1.

Apart from that ESMA is also introducing a new margin rule for closing positions and making negative balance protection mandatory.

The competitive Forex broker ActivTrades will apply these measures on July 29, 2018 at 11:00 am (CET)

You can, however, open an account with ActivTrades in the Bahamas without being affected by these new measures, as the ActivTrades Bahamas clients will will keep the previous leverage and margin conditions without having to open a Professional Account.

Open an account at the ActivTrades Bahamas branch here.