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EUR/USD slips below 1.1600 as Middle East tensions escalate

  • EUR/USD weakens after fresh Israeli strikes hit Tehran.
  • President Trump announced a five-day truce following productive talks with Iran.
  • Iran’s Foreign Minister Abbas Araghchi denied any direct talks with Washington.

EUR/USD loses ground after registering modest gains in the previous session, trading around 1.1590 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) gains on increased risk aversion amid escalating Middle East conflict.

The Guardian reported on Tuesday that the Israeli military noted that it had launched a fresh wave of strikes on Tehran. This action came after US President Donald Trump signalled a pause in US attacks against energy infrastructure after what he said were productive talks with Iran. The Israeli Defense Forces (IDF) stated that it would continue operations in line with Israeli government directives until told otherwise.

Iran’s Foreign Minister, Abbas Araghchi, stated that there was “no dialogue” between Tehran and Washington. Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said in a social media post on Monday that “no negotiations have been held with the US.” Mohsen Rezaei, the senior military adviser to Iranian Supreme Leader Mojtaba Khamenei, said that the war will continue until Iran receives full compensation for the damage it has sustained.

Reuters reported on Monday that San Francisco Federal Reserve Bank President Mary Daly said that unless the Iran conflict resolves quickly and the central bank can simply “look through” a temporary increase in oil prices, it is not clear what the next move on interest rates will need to be.

Rising oil prices are fueling inflation concerns and strengthening the European Central Bank’s (ECB) hawkish stance. The ECB left rates unchanged at last week’s meeting, citing the Iran conflict as a source of “significantly more uncertain” outlook.

Officials pointed to increasing inflation risks alongside weaker growth prospects, leading markets to boost expectations of potential rate hikes later this year. Policymakers are scheduled to speak on Monday, and any hawkish signals could provide support to the Euro.

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USD/CAD Price Tests 1.3700 support near moving averages

  • USD/CAD could test the upper rectangle channel boundary around 1.3750.
  • The 14-day Relative Strength Index holds in the mid-50s, signaling strengthening buying pressure.
  • The immediate support lies at the 1.3700 psychological level, aligned with the nine- and 50-day EMAs.
USD/CAD continues to lose ground for the second successive session, trading around 1.3710 during the Asian hours on Monday. The near-term bias holds mildly bullish as spot advances above the nine- and 50-day Exponential Moving Average (EMA), indicating an emerging upward correction within a broader range. Momentum supports this bid tone, with the 14-day Relative Strength Index (RSI) holding in the mid-50s after recovering from sub-40 readings, signalling improving buying pressure rather than overbought conditions. The technical analysis of the daily chart shows the USD/CAD pair remaining close to the upper boundary of the rectangle channel pattern around 1.3750. A successful break above the channel would offer confirmation of a bullish bias and support the pair to target the three-month high of 1.3928, recorded on January 16. On the downside, the immediate support lies at the psychological level of 1.3700, aligned with the nine- and 50-day EMAs of 1.3697 and 1.3696, respectively. Further declines below these averages would put downward pressure on the USD/CAD pair to navigate the region around the lower boundary of rectangle 1.3540.
USD/CAD: Daily Chart

Canadian Dollar Price Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Australian Dollar.
USD EUR GBP JPY CAD AUD NZD CHF
USD 0.21% 0.16% 0.08% -0.11% 0.63% 0.45% 0.15%
EUR -0.21% -0.06% -0.11% -0.33% 0.53% 0.23% -0.07%
GBP -0.16% 0.06% -0.06% -0.27% 0.59% 0.29% -0.02%
JPY -0.08% 0.11% 0.06% -0.18% 0.54% 0.29% 0.06%
CAD 0.11% 0.33% 0.27% 0.18% 0.71% 0.42% 0.22%
AUD -0.63% -0.53% -0.59% -0.54% -0.71% -0.29% -0.47%
NZD -0.45% -0.23% -0.29% -0.29% -0.42% 0.29% -0.26%
CHF -0.15% 0.07% 0.02% -0.06% -0.22% 0.47% 0.26%
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).