Pairs in Focus: USD/CAD, EUR/GBP, Nasdaq 100, Gold, Natural Gas, EUR/USD, Crude Oil, USD/JPY – November 2, 2025
Original Source: Article by Gregor Horvat, InsuranceNewsNet
Expanded and Revised Content by [Your Name]
In financial markets, understanding key currency pairs and commodities is vital for traders navigating short-term movements and long-term trends. This comprehensive outlook analyzes developments across major forex pairs and commodities including USD/CAD, EUR/GBP, EUR/USD, USD/JPY, along with prominent indices and commodities such as the Nasdaq 100, Gold, Natural Gas, and Crude Oil as of November 2, 2025.
This piece draws from the original analysis by Gregor Horvat and incorporates updated data and forecast perspectives based on current global macroeconomic factors and market sentiment.
Forex Market Analysis and Forecasts
USD/CAD – Bearish Outlook as Oil Strength Supports Loonie
The U.S. dollar (USD) has been under pressure against the Canadian dollar (CAD) in recent sessions. The resurgence of oil prices, which significantly impacts the Canadian economy, has strengthened the loonie (CAD).
Key Drivers:
– Rising oil prices: Currently trading above $88 per barrel, driven by supply concerns in the Middle East and reduced U.S. Shale output. Since Canada is a net oil exporter, stronger oil typically supports the CAD.
– U.S. economic slowdown: Recent GDP data points to softer-than-expected growth in Q3 2025, reducing the likelihood of additional Federal Reserve rate hikes.
– Bank of Canada (BoC) Policy: The BoC maintained its overnight rate at 5.00 percent in October, citing inflationary risks, a decision that supports the Canadian dollar.
Technical Outlook:
– The USD/CAD broke below the critical 1.3640 support level.
– Continued pressure could push the pair towards 1.3500 over the coming weeks.
– RSI on the daily chart indicates continued bearish momentum.
EUR/GBP – Range-Bound as Central Bank Divergence Narrows
The EUR/GBP pair continues to hover between 0.8600 and 0.8700 amid a relatively balanced macroeconomic narrative between the Eurozone and the United Kingdom.
Key Factors:
– ECB Policy: The European Central Bank has paused rate hikes amid stagnating growth across the Eurozone, including recession signs in Germany.
– Bank of England (BoE): The BoE also hit pause in recent meetings, noting inflation remains well above its 2 percent target, but economic softening risks are growing.
– Fundamentally, subdued growth in both economies leaves the pair range-bound.
Technical Outlook:
– Support: 0.8600 remains strong near-term support.
– Resistance: A break above 0.8720 could signal a bullish reversal.
– MACD remains flat, reflecting lack of momentum.
EUR/USD – Consolidation Phase Following a Decline
The EUR/USD experienced a sharp decline in October, dropping towards 1.0540 from recent highs near 1.1000. The pair is now consolidating, with market participants watching U.S. economic data and ECB guidance.
Key Catalysts:
– Dovish ECB: The Eurozone economy contracted slightly in Q3, reducing appetite for further tightening.
– U.S. Treasury Yields: Recently retreated from 5 percent highs on the 10-year note, giving temporary relief to the euro.
– Geopolitical Risks: Include ongoing Russia-Ukraine tensions and uncertainty in Israel, contributing to volatility in the euro.
Forecast:
– Immediate resistance at 1.0650.
– A clean break above this could enable a run towards the psychological 1.0800 mark.
– The downside support lies at 1.0480.
USD/JPY – Nearing Intervention Levels Amid BoJ Inaction
USD/JPY climbed past 150.00 in mid-October and has
Read more on USD/CAD trading.