The forex markets are holding steady in a consolidative pattern today. Notably, Euro has remained largely unaffected by continued hawkish messages emanating from top ECB officials, who have merely echoed President Christine Lagarde's suggestion that an interest rate hike is likely in July, while situation in September remains uncertain. Euro is the third weakest in trading today so far, trailing behind Aussie and Kiwi. Both of these are consolidating alongside other risk markets. Sterling and Swiss Franc are showing mixed performance as markets await rate decisions from the BoE and SNB later in the week. Dollar and Yen, meanwhile, are demonstrating signs of a modest recovery, while Canadian Dollar edges slightly ahead. From a technical standpoint, the conditions appear ripe for a EUR/CAD rebound, with bullish convergence condition evident in 4H MACD. The 1.4280 mark is perilously close to 1.4236 cluster support (38.2% retracement of 1.2867 to 1.5111 at 1.4254). However, the current recovery momentum from 1.4280 is less than inspiring. Should we witness a firm break above 1.4510 resistance, this would confirm short-term bottoming, leading to a stronger rise to 38.2% retracement of 1.5111 to 1.4280 at 1.4597 and above. Conversely, break below 1.4336 would suggest higher likelihood of an extended fall from 1.5111, pushing through 1.4236 cluster support. In Europe, at the time of writing, FTSE is down -0.51%. DAX is down -0.77%. CAC is down -0.71%. Germany 10-year yield is up 0.0397 at 2.514. Earlier in Asia, Nikkei dropped -1.00%. Hong Kong HSI dropped -0.64%. China Shanghai SSE dropped -0.34%. Singapore Strait Times dropped -0.58%. Japan 10-year JGB yield fell -0.0090 to 0.395, below 0.4 handle. | 