USD/CAD continues to trade laterally on Wednesday, during the North American session, flattish at around 1.3658, as the pair seems capped by April’s 20 price action, in which the Loonie appreciated 0.34% against the US Dollar.

EUR/USD is approaching key support after last week’s rejection at resistance. A break here could shift the near-term trend.

Little change, as prices extend consolidation around 0.7150

NZD/USD holds firm on Wednesday, with the New Zealand Dollar (NZD) outperforming its major peers on the back of a hawkish Reserve Bank of New Zealand (RBNZ) outlook.

Societe Generale’s Kit Juckes argues EUR/USD is likely to stay range-bound as geopolitical risks and US policy uncertainty offset economic fundamentals. He notes two-year rate differentials point to EUR/USD near 1.14–1.17, while consensus GDP suggests 1.14 is appropriate.

The Euro (EUR) weakens against the US Dollar (USD) on Wednesday, as ongoing tensions in the Strait of Hormuz offset the impact of the US-Iran ceasefire extension, keeping the Greenback supported.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann observe that USD/JPY climbed to 159.37 as the Dollar strengthened. They see scope for a retest of 159.65, with limited follow-through above that level, and expect a broader 157.55–160.50 range.

The EURUSD pair declined during its latest intraday trading, to break the key support at 1.1730, to confirm extending the dominant bearish corrective wave on short-term basis, especially with its trading alongside supportive trend line for this path, besides the continuation of the negative pressure due to its trading below EMA50, noticing the emergence of negative signals from the relative strength indicators, after offloading its oversold conditions, opening the way for recording more losses in the upcoming near period.

The USD/JPY climbed near the 159.30 price region on Wednesday, consolidating around recent highs as markets digest fresh developments in the Middle East and shift monetary policy expectations.

AUD/USD trades in positive territory on Wednesday, around 0.7160 at the time of writing, up 0.12% on the day.