Forex News
- Silver price soars to near $58.20 as rally in oil prices hits a pause.
- Iran receives a proposal for a 10-day cessation of strikes with the US.
- The Fed is expected to leave interest rates unchanged next week.
Silver price (XAG/USD) is up over 3% to near $58.20 during the early European trading session on Tuesday. The white metal surges as the rally in oil prices has halted amid hopes of renewed diplomatic efforts between the United States (US) and Iran after significant military aggression in the past few weeks.
At press time, the WTI Oil price trades 0.45% lower to near $81.90. On Monday, the WTI Oil price corrected after posting a fresh monthly high at $84.42.
Since the onset of the Middle East war, higher oil prices due to energy supply disruption de-anchored global inflation expectations, which intensified fears of interest rate hikes from various central banks. This scenario boded poorly for non-yielding assets, such as Silver.
Fresh hopes of US-Iran war de-escalation emerged after a spokesperson from Tehran confirmed receiving a proposal of 10-day cessation of strikes with the US from mediators to find ways to revive the interim deal, which fuelled investors’ confidence that negotiations between nations is still on.
On the US interest rate front, the Federal Reserve (Fed) is highly anticipated to leave interest rates unchanged in the policy meeting next week, according to the CME FedWatch tool.
Silver technical analysis
XAG/USD trades higher at around $58.12, but is maintaining a bearish near-term bias as it holds below the 20-period exponential moving average (EMA) at $59.65. The price action sits under this short-term trend gauge, suggesting rallies remain capped for now, while the Relative Strength Index (14) at 41.94 has recovered from oversold readings but still points to only moderate, corrective upside pressure rather than a sustained bullish move.
On the topside, initial resistance is located at the 20-day EMA at $59.65, and a decisive break above this barrier would be needed to ease the current downside pressure and open the door to a more meaningful recovery. On the downside, the July 17 low at $54.77 is the key support level.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
- EUR/JPY may rise toward the ascending triangle’s upper boundary near 186.10.
- The 14-day Relative Strength Index is around 53 and signals steady momentum.
- The initial support lies at the nine-day EMA at 185.46.
EUR/JPY edges higher after three days of losses, trading around 185.50 during the Asian hours on Tuesday. The currency cross is holding above both the nine-day and 50-day Exponential Moving Averages (EMAs), which reinforces a mildly bullish near-term bias.
The EUR/JPY cross is pressing into the upper end of its recent range while the 14-day Relative Strength Index (RSI) around 53 suggests constructive but not overstretched momentum. The daily chart technical analysis shows the currency cross is remaining within the ascending triangle, signalling aggressive buying pressure.
The EUR/JPY cross may find the initial resistance at the triangle’s upper boundary around 186.10. A decisive break above the triangle could trigger a powerful bullish continuation, which could expose the all-time high of 187.95, which was recorded on April 17.
On the downside, immediate support sits at the nine-day EMA of 185.46, with additional backing at the 50-day EMA of 185.12 and the lower edge of the ascending triangle near 185.00. A breakdown below the triangle pattern would undermine the bullish setup, exposing the EUR/JPY cross to deeper downside toward the March 16 five-month low of 181.87 and the seven-month low of 180.81.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.04% | -0.08% | 0.00% | -0.01% | -0.16% | -0.41% | 0.00% | |
| EUR | 0.04% | -0.04% | 0.06% | 0.03% | -0.10% | -0.37% | 0.04% | |
| GBP | 0.08% | 0.04% | 0.11% | 0.08% | -0.05% | -0.33% | 0.09% | |
| JPY | 0.00% | -0.06% | -0.11% | -0.01% | -0.15% | -0.43% | 0.00% | |
| CAD | 0.00% | -0.03% | -0.08% | 0.01% | -0.14% | -0.40% | 0.01% | |
| AUD | 0.16% | 0.10% | 0.05% | 0.15% | 0.14% | -0.27% | 0.14% | |
| NZD | 0.41% | 0.37% | 0.33% | 0.43% | 0.40% | 0.27% | 0.41% | |
| CHF | -0.01% | -0.04% | -0.09% | -0.00% | -0.01% | -0.14% | -0.41% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
- WTI price edges lower to around $82.00 in Tuesday’s early European session.
- US airstrikes on Iran have entered their tenth consecutive day following the deaths of three US service members.
- Houthi militants in Yemen declared a maritime embargo on Saudi Arabia.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.00 during the early European trading hours on Tuesday. The WTI declines but remains near multi-week highs as traders continue to assess the developments surrounding the US-Iran conflicts.
US airstrikes on Iran have entered their tenth consecutive day following the deaths of three US service members. US President Donald Trump said on Monday that Iran would pay for the deaths of three US soldiers, per CNBC.
The Iranian Islamic Revolutionary Guards Corps (IRGC) said that it struck US military targets, including air defence systems in Bahrain and Kuwait. The Iranian military stated that it hit two air defence systems and a radar installation at two different US outposts in Bahrain, as well as missile defence systems and radars and satellite reception systems in Kuwait.
Yemen’s Iran-backed Houthi rebels declared a maritime embargo on Saudi Arabia. Houthi’s military spokesperson Yahya Saree said that the rebels “declare a maritime embargo against the criminal Saudi enemy, based on the equation of ‘an eye for an eye’ effective immediately upon the issuance of this statement. Fears of oil supply disruption could boost the WTI price in the near term.
Traders await the release of the American Petroleum Institute (API) weekly crude oil report, which is due later on Tuesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could lift the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might undermine the WTI price.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- USD/CAD builds on the previous day’s solid recovery from an over one-month trough.
- The fundamental backdrop favors bullish traders and backs the case for further gains.
- A move beyond the 1.4100 confluence is needed to reaffirm the constructive setup.
The USD/CAD pair attracts buyers for the second straight day on Tuesday and recovers further from its lowest level since June 17, around the 1.4000 psychological mark touched the previous day. Spot prices advanced to a one-week high during the Asian session, though the intraday move up stalls ahead of the 1.4100 mark amid mixed fundamental cues.
The soft Canadian consumer inflation figures on Monday reaffirmed bets that the Bank of Canada (BoC) will keep interest rates unchanged through the remainder of 2026. This marks a significant divergence in comparison to expectations that the US Federal Reserve (Fed) will raise borrowing costs at least once in 2026 amid concerns about energy-driven inflation. Apart from this, US President Donald Trump's new tariff of 50% on Canadian products undermines the Canadian Dollar (CAD) and acts as a tailwind for the USD/CAD pair.
Meanwhile, hawkish Fed expectations and an escalation of tensions between the US and Iran continue to act as a tailwind for the safe-haven US Dollar (USD). This is seen as another factor supporting the currency pair. That said, elevated oil prices, bolstered by the closure of the Strait of Hormuz, hold back traders from placing aggressive bearish bets on the commodity-linked Loonie and cap gains for the USD/CAD pair. Nevertheless, the broader fundamental backdrop suggests that the path of least resistance for spot prices is to the upside.
From a technical perspective, the overnight breakout through the 23.6% Fibonacci retracement level of the recent pullback from the highest level since April 2025 favors bullish traders. Furthermore, the Moving Average Convergence Divergence (MACD) is turning positive, and the Relative Strength Index (RSI) is hovering around 56. Momentum indicators together hint at recovering upside pressure. That said, it will still be prudent to wait for a move beyond the 1.4100 confluence before positioning for any further near-term appreciation.
The said handle comprises the 38.2% Fibo. level and the 200-period Simple Moving Average (SMA) on the 4-hour chart, above which the USD/CAD pair could climb to the 50.0% retracement at 1.4126 and the 61.8% level at 1.4155. On the downside, support emerges at the 23.6% retracement near 1.4059, with a more substantial structural floor at the Fibonacci anchor around 1.4000, where a deeper pullback could pause if selling pressure resumes.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
USD/CAD 4-hour chart
Canadian Dollar Price This week
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies this week. Canadian Dollar was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.09% | 0.09% | 0.10% | 0.40% | -0.59% | -0.50% | 0.21% | |
| EUR | -0.09% | 0.01% | -0.06% | 0.31% | -0.67% | -0.60% | 0.11% | |
| GBP | -0.09% | -0.01% | -0.07% | 0.30% | -0.65% | -0.61% | 0.15% | |
| JPY | -0.10% | 0.06% | 0.07% | 0.39% | -0.64% | -0.65% | 0.22% | |
| CAD | -0.40% | -0.31% | -0.30% | -0.39% | -0.94% | -1.03% | -0.15% | |
| AUD | 0.59% | 0.67% | 0.65% | 0.64% | 0.94% | 0.07% | 0.84% | |
| NZD | 0.50% | 0.60% | 0.61% | 0.65% | 1.03% | -0.07% | 0.76% | |
| CHF | -0.21% | -0.11% | -0.15% | -0.22% | 0.15% | -0.84% | -0.76% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
The Iranian Islamic Revolutionary Guards Corps (IRGC) said that it struck US military targets, including air defence systems in Bahrain and Kuwait, the Guardian reported on Tuesday.
The Iranian military stated that it hit two air defence systems and a radar installation at two different US outposts in Bahrain, as well as missile defence systems and radars and satellite reception systems in Kuwait.
This action came as the US said it hit Iranian military command centers, air defence systems and missile launch sites in a 10th consecutive night of attacks.
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is down 0.43% on the day at $81.92.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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