FxAnalysis

USD/CAD trades near 1.38 as dollar strength weighs on the Loonie, with traders eyeing key EMA levels and upcoming jobs data for the next decisive move.

After falling strongly yesterday, the price continues to look weak despite trading very close to a recent strongly bullish inflection point.

The USD/JPY pair extends its strong move up for the second straight day on Wednesday and spikes to a fresh one-month peak during the first half of the European session.

EUR/USD remained under heavy bearish pressure and lost more than 0.5% on Tuesday. After coming within a touching distance of 1.1600, the pair found support and was last seen trading marginally higher on the day near 1.1650.

Gold is sitting at the highest level on record near $3,550 early Wednesday, bracing for the upcoming US labor data for fresh trading impetus.

The Euro (EUR) gave back part of its recent recovery on turnaround Tuesday, with EUR/USD slipping toward the 1.1600 neighbourhood, hitting its lowest level in four days.