The pair is currently recovering, as the market sees broad-based weakness of the Buck.
The US fundamentals, despite being good, failed to boost demand for the Greenback. USD/CAD declined beneath the monthly PP, and now it is expected to find support at the 55-day SMA.
Though AUD/USD has already reached 0.76, which stopped Aussie's depreciation last month, the bulls remain inactive.
Although EUR/JPY is only supported by the weekly S1, so far today the pair has been strongly bullish, and right now it is erasing Tuesday's losses.
The sharpest increase in Gold's price since January 30 took place on Wednesday.
USD/JPY continues to negate its Monday's gains, and is likely to put pressure on support at 119 once again.
There was barely any change in the Pound-Dollar exchange rate yesterday, though the whole trading range amounted to more than 130 pips.
EUR/USD remained stable in course of the trading session on Wednesday.
NZD/USD stays on a bearish path, as the 55-day SMA has been largely ignored, though there is still the monthly pivot point left.
Despite a run all the way up to 1.28 yesterday, USD/CAD was unable to gain a foothold above 1.27, and the pair is now looking for support at 1.2640, represented by the monthly PP and 20-day SMA.
AUD/USD is now in the vicinity of a dense demand area at 0.76, which may well initiate a rally back to the down-trend at 0.78.
For the time being the weekly S1 at 128.70 serves as a floor, but the risks are considered to be skewed to the downside, being that EUR/JPY is currently trading next to the major down-trend.
On Wednesday morning, XAU/USD is receiving reliable support from April's new monthly PP, which is located at 1,183.
As it turned out, demand at 119 was insufficient to send the price through 120 in an instant.
Because of a lack of momentum GBP/USD failed to push through support at 1.48, and now the currency pair is headed towards the upper edge of the last week's trading range.
On Tuesday, EUR/USD declined significantly for the second consecutive day.
The New Zealand Dollar is currently trading at the level of the 55-day SMA, but it has already managed to dip to the monthly PP today as well.
USD/CAD maintains its upward momentum and so far ignores all identified nearby resistances.
As it turns out, the monthly S1 is not going to provide enough support for the Aussie.
As anticipated, resistance near 130 yen was more than enough to initiate a sell-off.
In line with expectations, XAU/USD failed to limit its downward correction within any range above the long-term downtrend line.
As expected, a dense demand zone around 119.00 prevented extension of the losses and turned the recent downward trend around.
The Cable failed at 1.49 and tumbled to a lower edge of its trading range.
A strong resistance area, created by weekly PP and monthly S2, managed to send the Euro down on Monday.