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The AUD/USD bulls are currently facing challenges in maintaining control as several factors are impacting the pair's momentum. Firstly, China's trade numbers have contributed to a more cautious market sentiment, which has put pressure on the Australian dollar. Additionally, Australia's Q1 GDP figures have been disappointing, further dampening the upside momentum for the AUD/USD pair. As a result of these factors, the AUD/USD pair is retreating towards the intraday low, currently around 0.6670, as we head into Wednesday's European session.
The USD/CAD pair has shown signs of recovery, bouncing back from its lowest levels in one month and defending the key support level at 1.3400 in early Wednesday trading. This rebound indicates a potential shift in market sentiment for the pair.
The USD/CAD pair has gained buying interest, recovering from its one-month low and maintaining support above the 1.3400 level in early Wednesday trading. This recovery sets the stage for potential market movement as the USD/CAD pair braces for the upcoming Bank of Canada (BoC) Interest Rate Decision, which is expected to have a significant impact on market dynamics later in the day.