USD/CAD hangs near weekly lows ahead of macro data

Haresh Menghani FXStreet

• Weaker oil prices largely negating USD softness.
• Traders await important releases for fresh directional impetus.

The USD/CAD pair struggled to gain any strong traction and remained within striking distance of weekly lows touched in the previous session.

A modest US Dollar rebound helped the pair to find some support near the 1.2820 region. This coupled with a mildly softer tone around crude oil prices further collaborated to the pair's uptick through the European trading session.

Traders, however, seemed lacking conviction and refrained from placing aggressive bets ahead of important macro releases, which could possibly lead to some action ahead of the Christmas holidays.

Today's Canadian macro data - Consumer Price Index (CPI) and Retail Sales, would influence market expectations for further policy normalization by the BoC and might eventually help the pair to break through its near-term trading range.

From the US, the final US GDP growth figures, along with the release of Philly Fed Manufacturing Index and initial jobless claims might also infuse some volatility in a rather quiet end of the year trading action.

Technical levels to watch

Weakness below 1.2820 level might get extended towards 1.2765 intermediate support before the pair eventually drops to the 1.2700 handle ahead of 1.2675-70 important support.

On the flip side, 1.2860 level is likely to act as immediate resistance, above which the pair could aim to surpass the 1.2900 handle and aim towards testing the very important 200-day SMA hurdle near the 1.2925-30 region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD gathers strength to near 1.3550 as Fed hike bets fade, UK jobs data loom

The GBP/USD pair gains momentum to around 1.3550 during the early Asian trading hours. The US Dollar softens against the British Pound as cooler US inflation data have prompted traders to reduce bets on a US Federal Reserve rate hike. The UK employment report will be in the spotlight later on Tuesday.

EUR/USD flat lines below two-month high amid oil-driven inflation fears

The EUR/USD pair holds steady around the 1.1575-1.1580 region during the Asian session, and for now seems to have stalled the previous day's modest pullback from a two-month top. However, a modest US Dollar uptick warrants some caution before positioning for the resumption of the recent move higher from the 1.1350 area, or the July monthly swing low.

Gold bulls take a breather before the next push higher

Gold is retreating after hitting three-day highs just below $4,450 early Tuesday, and is flirting with $4,400 as of writing. Gold bulls take a breather following two consecutive days of gains, assessing the impact of the truce lapse between the United States (US) and Iran on Oil prices and US Treasury bond yields.

Bitcoin rebounds while Polygon, Zcash lead gains

The broader cryptocurrency market shows a mild easing in the persistent risk-off sentiment, with Bitcoin (BTC) rising above $64,000. Polygon (POL) and Zcash (ZEC) have emerged as top performers over the last 24 hours, with bulls eyeing further gains. CoinMarketCap’s Fear and Greed Index at 40 on Tuesday suggests a mild recovery from risk-averse conditions.

Silver’s new era: Supply deficits meet exploding industrial demand

Silver has experienced a wild ride in 2026, but The Silver Institute President and CEO Michael DiRienzo says investors shouldn’t let the volatility obscure a much bigger story: the underlying silver market remains remarkably strong.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.