MCC Markets

The USD/CAD pair continues its downward trend for the second consecutive day on Wednesday, extending its slide from the 50-day Simple Moving Average (SMA) around the 1.3385 region. This marks a departure from the one-month high achieved last week. This downward movement, which also signifies the third negative shift in the last four days, has pulled spot prices to a two-week low of approximately the 1.3200 mark during the Asian trading session. This trend is driven by a combination of factors.

On Monday, during the early European morning, EUR/USD is experiencing a downturn, hovering around 1.0950. The resurgence in US Dollar demand, triggered by weak Chinese inflation data, is exerting pressure on the pair. Meanwhile, varied commentary from the ECB is curbing the Euro's potential gains ahead of the release of the Eurozone Sentix data.

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