Market Analysis
XAUUSD midweek: gold breaks above 4160, where we are 2026-08-03
Gold is up roughly 89 dollars from Monday's open, having cleared 4172.77 intraday as Hormuz deal hopes ease inflation fears.
2 min readAs of Wednesday's close, USDCAD trades at 1.40719. That marks a gain of about 59 pips from Monday's open at 1.4013. The week's high so far is 1.40798, printed Tuesday, and the low is 1.40043, set Monday. Price has climbed each session and now sits just under the top of that range.
The standout headline this week came from the PBOC. On Wednesday the central bank set the daily USD/CNY mid-point above the Reuters estimate. A weaker yuan fix broadly supports the dollar across the board, and USDCAD has drifted higher into that backdrop. The move has been steady rather than sharp, with Tuesday's push to 1.40798 doing most of the work.
The calendar carries no scheduled high-impact releases for the back half of this week in the bundle, so price action into Thursday and Friday is likely to key off headline flow and the daily PBOC fix. If the fix continues to print above estimate and the dollar stays bid, USDCAD holding above 1.4065 keeps the topside in focus. If risk sentiment turns and the yuan support fades, the pair slipping back through 1.4050 puts Monday's base back in play.
As of Wednesday, LHFX client positioning shows 51.6 percent long against 48.4 percent short. That is close to balanced, with a slight lean toward more buyers than sellers. A skew this narrow tells you consensus is unconvinced midweek, and there is no crowded book to squeeze in either direction yet.
The pair is fighting at 1.40798, the week's high and the immediate ceiling. If buyers clear and hold above it, the round 1.4100 handle becomes the next obvious reference. If sellers defend it and price rolls over, 1.4063, Wednesday's low, is the first support, with 1.4050 beneath that. You can watch how AUD/USD reacts to the same yuan fix for a read on broader dollar strength, and you can track USDCAD levels live on your LHFX account.
Byline: LHFX Research
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