FXStreet (San Francisco) - The Euro recovered some ground on Wednesday after three days of declines with the EUR/USD bottoming at lows since September at 1.3150. The USD/CAD completed a nearly 2 cents decline from 1.1000.
The EUR/USD posted gains on Wednesday after three days as the unique currency was fueled amid ECB sources downplaying chances of a ECB move in the next week. "Nevertheless and despite positive, the daily candle shows a lower low and a lower high, which keeps the bearish trend alive," Valeria Bednarik from FXStreet commented.
Currently, EUR/USD is trading at 1.3193, up 0.20% on the day, having posted a daily high at 1.3211 and low at 1.3153. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
The USD/CAD extended its 1.1000 rejection for second day and after losing almost 2 cents, the pair fell to nearly 1-month low at 1.0825. "Lots of M&A chatter regarding the BK/Tim Horton's deal, but that seems an unlikely catalyst given that M&A deals are usually handled with a bit more delicacy than just bashing the bids," points out Jamie Coleman from FXBeat. "They are usually hedged over time, often with options in case the deal does not close."
Main headlines in the American session
ECB action unlikely next week without inflation slump – RTRS ECB sources
Consolidation day in US stocks; Low volumen