AUD/USD falls as China trade tensions resurface, CAD outperforms
AUD/USD dropped 0.55% to 0.6485 as renewed US-China trade tensions weigh on the Australian dollar, with reports suggesting tariff discussions have returned to square one. The pair broke below key support at 0.6500, accelerating losses as risk sentiment deteriorated. GBP/USD showed resilience, gaining 0.2% to 1.2740 on UK wage growth data. USD/CAD retreated 0.3% to 1.3580 as oil prices firmed and Canadian employment data exceeded expectations. AUD/CAD plunged 0.8% to 0.8810, reflecting the stark divergence between the commodity currencies. Technical indicators suggest AUD/USD may test 0.6450 support, with the 200-day moving average at 0.6520 now acting as resistance. Trade uncertainty could continue pressuring the Aussie, particularly if Chinese economic data disappoints. Traders are monitoring developments in US-China negotiations closely for further directional cues.
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