After marking an intraday low of 1.1237 during the early phase of the Asian trading session, EUR/USD has gradually neutralized losses and moved back above 1.1300 in early US trade and ahead of Fed Chair Yellens testimony before the House Financial Services Committee. The weekly R1 pivot (1.1345) and then, the high from June 20th (1.1386) may act as levels of resistance.
At the start of the US trading session GBP/USD broke above the psychological 1.4700 to reach an intraday high of 1.4731. However, the daily range breakout level (R4), 1.4754, is still intact and may serve as a short-term resistance. If broken, the next level of resistance may be the June 21st high of 1.4781. The hourly 20-period Exponential Moving Average has acted as support in the past several hours of trading.
USD/CAD fell sharply to an intraday low of 1.2742 on the back of better-than-anticipated Canadian core retail sales in April. The index was reported to have surged 1.3%, well above the market consensus of a 0.6% gain. At the same time, the general index of retail sales came in line with expectations, rising at a monthly rate of 0.9% in April. The next support levels for the pair may be as follows: the weekly S1 (1.2732), the psychological 1.2700 level and the low from June 10th (1.2656).
Gold futures for delivery in August remained supported within the $1,265.65-$1,266.85 area during the European trading session on Wednesday, after tumbling to an intraday low and also a low unseen since June 9th during the late phase of Asian trade, at $1,263.50 per troy ounce. The daily S1 and the weekly S2 pivots are still intact.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
