Due to a decline in commodity prices, the unlikely scenario played out on Tuesday, as the USD/CAD currency pair recovered from its intraday losses and put the weekly PP to the test.
Despite reaching a new one-week high yesterday, the Australian currency ended the day in the red zone against the Buck, as falling commodity prices weighed on the pair.
The New Zealand Dollar found support at the cluster around 0.6550, thus, preserving the up-trend.
The Euro weakened against the Yen on Tuesday, as the demand for safe-haven assets increased.
Tuesday was a mixed day for the bullion, as neither the bulls nor bears were managing to take a full control over the price.
The USD/JPY currency pair's sell-off was limited by the immediate support cluster yesterday, however, it is uncertain whether the cluster will succeed in doing so again today.
Yesterday disappointment in UK's inflation outlook pushed the GBP/USD significantly lower, with the four-week up-trend failing to hold the losses.
EUR/USD was largely unchanged over Tuesday after two days of sharp losses.
The New Zealand Dollar rebounded yesterday and even put the second resistance level, namely the 200-day SMA, to the test.
The American Dollar remained relatively unchanged against the Loonie on Monday, having edged only 20 pips lower.
The Australian Dollar outperformed its US counterpart on Monday, preserving the rising wedge pattern.
On Monday the European currency was able to edge higher against the Yen, with the return of the risk-on sentiment.
Yesterday markets were encouraged by dovish comments made by ECB President Draghi, while equities and many commodities rallied.
With demand for less riskier assets, namely the Yen, lower, the US Dollar was able to post significant gains against it on Monday.
The British currency started the week with a rather serious decline, but with the support line untested.
ECB President Draghi confirmed his readiness to act in March, which used to have an immediate bearish impact on the Euro vs Dollar.
At the end of the previous week the Greenback failed to outperform the Loonie and edged closer towards the 1.38 target.
The AUD/USD currency pair remained relatively unchanged on Friday, therefore, preserving the bullish trend-line.
Unlike other commodity currencies, the New Zealand Dollar sustained a heavy loss last Friday, plunging more than 90 pips.
On Friday the Euro managed to recover from its intraday lows against the Yen and end the day relatively unchanged, with a ten-pip rally.
The bullion's bears are trying to demolish the rally of Thursday when the metal had surged from sub-1,200 to above 1,245.
The US currency succeeded in appreciating against the Yen on Friday, with gains limited by the resistance trend-line at 113.20.
Last Friday, the Sterling was unable to significantly outperform the US Dollar and failed to completely negate the preceding day's losses.
Markets foresee a consolidation of the Euro in the nearest future, following sharp upward moves earlier over the two preceding weeks.