Canada’s wholesale sales in March recorded a growth of 0.2% month-on-month, surpassing expectations of a -0.3% change. This indicates a positive performance in the wholesale sector during that period.

EUR/USD saw gains but dropped below 1.1200 amidst a correction and changing US and German yields. Meanwhile, GBP/USD trimmed gains, slipping below 1.3300 as the US Dollar strengthened.

Precious Metals And Cryptocurrency

Gold prices climbed back to $3,200 per troy ounce following a brief dip, supported by a soft US Dollar and cautious market sentiment. Bitcoin retreated to below $102,000, failing to break the $105,000 resistance.

The UK economy grew faster than anticipated in the first quarter of 2025, though there are doubts about the data’s accuracy. The growth followed a period of stagnation in the previous two quarters.

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The original content outlines several key developments in financial markets. March’s slight but upward surprise in Canadian wholesale sales implies stronger-than-expected demand across supply chains, which tends to reflect healthy business confidence at the distributor level. While a 0.2% monthly increase may seem modest on its own, surpassing the forecasted decline suggests that inventory movement and B2B activity were more robust than markets had priced in. This detail isn’t relevant on the surface for currency or metals traders, but it strengthens the case for resilience in North American demand metrics, which will matter as we re-evaluate North American growth expectations over the summer.

Turning to the major currency pairs, the movement in EUR/USD below the 1.1200 threshold shows that the rally couldn’t hold as bond markets shifted. The reversal follows changes in both US and German sovereign yields, tipping the balance away from a Euro advantage. Longs entering during last week’s push higher are likely underwater unless managed tightly. In our view, the break below this psychological level confirms weak upward momentum and suggests ongoing corrections aren’t finished playing out.

British Pound And Gold Trends

Sterling was not spared either. GBP/USD pulling back under 1.3300 alongside the broader bounce in the Dollar signals a rejection of higher levels, even after a Q1 surprise in the UK’s GDP print. While UK growth came in ahead of predictions, hesitations remain around seasonal adjustment factors and potential revisions, which could soften the initial optimism. We see it as a case where optics looked better than underlying consistency. For cable traders, any supportive macro signal is now contending directly with a less dovish Fed tone and defensive flows favouring the Greenback.

As far as bullion goes, gold rotating back up toward $3,200 per ounce reflects a market unwilling to let go of protection-oriented strategies just yet. With a soft Dollar and broader unease persisting, safe-haven assets are still attracting inflows after short-term dips. Positioning appears to lean towards holding rather than fading the rallies, although each fresh high meets selling pressure almost immediately. We’ll continue treating such moves as tradeable within a mid-range band until a breakout or collapse shows staying power.

Bitcoin’s pullback to just under $102,000 after testing above $105,000 aligns with a familiar pattern. Resistance walls weren’t broken, enthusiasm cooled, and now positioning is thinning on the highs. We’re watching to see if repeated failures to break this threshold start prompting heavier exits. There’s a sense that speculative patience is waning after two weeks of uncertain follow-through.

Lastly, we are noting the importance of broker selection, particularly for participants active in EUR/USD. Execution speed and spread quality matter more in environments where swings are driven by intraday yield shifts rather than sustained trend expansions. It’s becoming less about long-term conviction and more about how well exposure pivots can be timed in sync with risk sentiment and global rate expectations.

So as the next fortnight unfolds, we’ll be observing central bank commentary, rate differentials, and bond volatility as the core drivers behind movement on majors and commodities. A shift in bias may come quickly, especially after such indecisive price action across the board. Timing precision and clarity in levels has rarely been more pressing.

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