CAD firms modestly on generally weaker USD – Scotiabank

FXStreet Insights Team FXStreet

The Canadian Dollar (CAD) is drifting a little higher after finding some support following yesterday’s test through the low 1.38s, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.

USD losses may extend to the upper 1.36s/low 1.37 range

"Spot is narrowing the gap with our estimated fair value (1.3650 today) but remains relatively 'rich'. PM Carney commented yesterday that Canada continues to seek a trade agreement with the US, noting that the government remains committed to the USMCA arrangement that keeps 85% of Canadian exports to the US tariff free. Canada releases Composite (final) and Services PMI data at 9.30ET."

"Spot continues to consolidate in effect but the salient feature of the CAD—and most other G10 FX—chart is the big, bearish USD reversal seen Friday which changes the technical complexion and outlook for the USD materially."

"USD/CAD is testing retracement support at 1.3763 (38.2% of the late July push higher in the USD) in early trade and spot looks heavy. A push lower should see USD losses extend to the upper 1.36s/low 1.37 range. Resistance is 1.3800/10."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties

The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.

GBP/USD remains stronger above 1.3500 following Trump’s State of the Union

GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.

Gold stays firm above $5,150 as Trump's delivers State of the Union speech

Gold finds fresh demand and regains the $5,150 level following the previous day's pullback from the monthly peak as traders assess Trump's State of the Union address. Trade-related uncertainties and geopolitical risks seem to act as a tailwind for the safe-haven bullion.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.