GBP/USD and USD/CAD: Dollar weakens as market volatility subsides
The US Dollar has come under broad selling pressure as market volatility diminishes, with GBP/USD advancing 0.4% to test 1.2950 resistance and USD/CAD retreating 0.3% to 1.3680. The dollar's weakness reflects reduced safe-haven demand as risk sentiment improves across global markets. Sterling's strength is bolstered by expectations that the Bank of England will maintain its hawkish stance amid persistent UK inflation concerns. Meanwhile, the Canadian dollar benefits from stable oil prices near $82 per barrel and solid domestic economic fundamentals. Technical indicators suggest GBP/USD faces immediate resistance at 1.2970, with support at 1.2900, while USD/CAD finds support at 1.3650 with resistance at 1.3720. Traders are positioning for continued dollar weakness unless upcoming US economic data surprises to the upside, particularly this week's GDP and PCE inflation figures.
Related Symbols:
GBPUSD
USDCAD
EURUSD
USDJPY
AUDUSD
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