EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Ground Amid Lack Of Catalysts

U.S. Dollar

U.S. Dollar Index gains ground amid lack of catalysts. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment and the dynamics of Treasury yields.

In case U.S. Dollar Index settles above the recent highs at 105.38, it will head towards the nearest resistance level, which is located in the 105.75 – 106.00 range. RSI has recently moved back into the moderate territory, so there is enough room to gain additional upside momentum.

EUR/USD

EUR/USD is losing ground as traders focus on the difference between ECB and Fed policy outlooks. The ECB has already started the rate cut cycle, while the Fed is expected to start cutting rates in November.

Currently, EUR/USD is trying to rebound from multi-week lows. If EUR/USD settles back above the 1.0750 level, it will head towards the resistance at 1.0785 – 1.0800.

GBP/USD

GBP/USD received support in the 1.2670 – 1.2700 range and is trying to gain upside momentum.

In case this attempt is successful, GBP/USD will move towards the 50 MA at 1.2737. A move above the 50 MA will push GBP/USD towards the resistance at 1.2780 – 1.2800.

USD/CAD

USD/CAD has started to move away from recent highs as traders focused on the rally in the oil markets. Precious metals rebound after the sell-off, providing additional support to commodity-related currencies.

In case USD/CAD pulls back below the 1.3750 level, it will head towards the 50 MA at 1.3685.

USD/JPY

USD/JPY settled near the 157.00 level as traders reacted to the final reading of Japan’s first-quarter GDP Growth Rate report. The report indicated that GDP Growth Rate was -0.5%, in line with the analyst consensus.

If USD/JPY climbs above the 157.00 level, it will move towards the nearest resistance level, which is located in the 158.00 – 158.50 range.

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