European Markets Wrap-Up: USD/CAD pulls back into a major trendline ahead of the BoC and Fed decisions. What's next?

Wednesday, 29 Apr, 2026 Forex USD/CAD pulls back into a major trendline ahead of the BoC and Fed decisions. What's next? FUNDAMENTAL OVERVIEW USD: The US dollar regained some ground to start the week as the prolonged US-Iran stalemate has taken oil prices back into triple digit levels. That looks unlikely to change anyt News German states see slight uptick in headline inflation for April Here are all the state readings released around the same time: Bavaria April CPI +2.9% vs +2.8% y/y prior Brandenburg CPI +% vs +2.8% y/y prior (no data yet) Saxony CPI +3.0% vs +2.6% y/y prior Baden Learn more Commodities Gold extends the losses amid US-Iran stalemate, hawkish central banks. What's next? FUNDAMENTAL OVERVIEW Gold has extended the losses yesterday after a technical breakout of the recent consolidation. The main thing that’s been weighing on precious metals has been the hawkish central News Spain April preliminary CPI +3.2% vs +3.4% y/y expected Prior +3.4% HICP +3.5% vs +3.5% y/y expected Prior +3.4% There is a little bit of good news here as Spanish headline annual inflation comes in softer than estimated. That being said, the EU-harmonised Education Elev8 broker wins 'Best Trading Experience' and 'Best Platform Provider' – FXDailyInfo Elev8, a global contract for difference (CFD) broker, has been honoured with two awards by FXDailyInfo, a financial news portal. The company was named the 'Best Trading Experience Broker' and the 'Bes News What are the main events for today? EUROPEAN SESSION In the European session, we get the preliminary CPI reports for Spain and Germany. Before the German CPI, we will get the German states figures which generally give clues on the natio Forex Orders FX option expiries for 29 April 10am New York cut There are just a few expiries to take note of on the day, as highlighted in bold below. That being for EUR/USD at the 1.1695-00 levels. Once again, the expiries here may limit price movements closer t News Heads up: Germany states' CPI readings due later today After the jump in headline inflation in March, we are to see that continue in April. Surging energy prices remain the main culprit as households and businesses have to deal with the fallout from the M Learn more Stocks Big day coming up on the earnings calendar in Wall Street While US-Iran developments might still be the biggest risk to market sentiment, it isn't the only game in town this week. As we look to round off April trading, key earnings releases are also part of

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