The Canadian dollar weakens on Wednesday as risk-off sentiment undermines high-beta currencies, paving the way for USD/CAD to bounce off trendline support.

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ISM non-manufacturing PMI data revealed drops in business activity, new orders and employment after a sizeable drop in the overall services PMI index

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EUR/USD is stuck in a tight trading range today as the Euro consolidates its recent strong performance against the US dollar. A fresh multi-month EUR/USD high is within touching distance.

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Cable retreated from multi-month highs this morning as support at 1.2449 comes into play. Will US data later provide fresh impetus for further downside or is acceptance above 1.2500 inevitable?

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The Australian dollar remains on offer despite the RBA’s Governor Lowe stating that they are leaving the door open to further rate hikes. AUD/USD bears eye 0.67.

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