Oil prices fluctuated as diplomatic hopes between the US and Iran met a massive 11.4 million barrel build in domestic crude stocks. Meanwhile, copper climbed above $13,000 on renewed Chinese demand, while cocoa hit multi-year lows.

The USD/CAD pair trades with a mild negative bias during the Asian session on Wednesday, though it lacks bearish conviction and remains close to the monthly peak touched the previous day.

The daily chart for gold gives us the ‘big picture.’ Why? Because it’s where entrapment shines. High volatility on the daily creates wide ranges that echo across lower time frames, repeatedly testing highs and lows.