USD/CAD pares early losses, turns positive on the day above 1.2300

USD/CAD gains traction during the American trading hours.
US Dollar Index continues to fluctuate below 92.00.
Mixed macroeconomic data releases from US failed to trigger a significant market reaction.

Eren Sengezer FXStreet

The USD/CAD pair dropped to a daily low of 1.2280 in the early American session on Thursday but managed to reverse its direction. As of writing, the pair was up 0.1% on the day at 1.2316.

DXY holds below 92.00 after US data

Earlier in the day, the US Bureau of Economic Analysis announced that it left the annualized first quarter Real GDP growth unchanged at 6.4% in its final estimate. This reading matched the market consensus and was largely ignored by market participants.

Other data from the US revealed that the weekly Initial Jobless Claims edged lower to 411K from 418K but came in weaker than the market expectation of 380K. Finally, the US Census Bureau's monthly publication revealed that Durable Goods Orders increased by 2.3% in May, compared to analysts' estimate of 2.7%.

Following these data, the US Dollar Index (DXY) is posting small daily gains around 91.80, helping USD/CAD stay in the positive territory.

Meanwhile, crude oil prices are trading in a relatively tight range near Wednesday's closing level, allowing the USD's market valuation to continue to impact USD/CAD's movements.

Later in the session, Federal Reserve Bank of New York President John Williams' comments on the policy outlook will be looked upon for fresh impetus. On Friday, the PCE inflation report will be featured in the US economic docket.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2307
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.2306

Trends
Daily SMA20	1.2173
Daily SMA50	1.2224
Daily SMA100	1.2414
Daily SMA200	1.27

Levels
Previous Daily High	1.2329
Previous Daily Low	1.2252
Previous Weekly High	1.2481
Previous Weekly Low	1.2128
Previous Monthly High	1.2352
Previous Monthly Low	1.2013
Daily Fibonacci 38.2%	1.2282
Daily Fibonacci 61.8%	1.23
Daily Pivot Point S1	1.2262
Daily Pivot Point S2	1.2219
Daily Pivot Point S3	1.2186
Daily Pivot Point R1	1.2339
Daily Pivot Point R2	1.2372
Daily Pivot Point R3	1.2415

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold retains positive bias amid sustained safe-haven flows and modest USD pullback

Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.