EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Tests New Highs Ahead Of The Weekend

U.S. Dollar

U.S. Dollar Index continues to move higher despite falling Treasury yields. Traders bet that Fed will be more hawkish than other central banks in the upcoming months.

Currently, U.S. Dollar Index is trying to settle above the resistance at 104.40 – 104.60. RSI is close to the overbought territory, but there is enough room to gain additional upside momentum.

EUR/USD

EUR/USD is trying to settle below the support at 1.0810 – 1.0830 as traders react to the Ifo Business Climate report from Germany. The report indicated that Business Climate improved from 85.7 in February to 87.8 in March, compared to analyst consensus of 86.

In case EUR/USD manages to settle below the 1.0810 level, it will head towards the next support, which is located in the 1.0700 – 1.0720 range.

GBP/USD

GBP/USD remains under pressure after the recent BoE Interest Rate Decision, which showed that nobody voted for a rate hike. Today, traders focused on the UK Retail Sales report, which indicated that Retail Sales remained unchanged in February.

If GBP/USD settles below the 1.2600 level, it will head towards the support, which is located in the 1.2530 – 1.2550 range.

USD/CAD

USD/CAD gains ground as traders focus on the broad pullback in precious metals markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

If USD/CAD climbs above the resistance at 1.3600 – 1.3620, it will move towards the 1.3700 level.

USD/JPY

USD/JPY has recently made several attempts to settle above the resistance at 151.50 – 152.00 but failed to develop sufficient momentum.

Traders are cautious due to the risk of interventions from the BoJ. However, the technical picture remains bullish, and RSI has moved back into the moderate territory.

For a look at all of today’s economic events, check out our economic calendar.