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EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Ground As Traders React To GDP Growth Rate Report

By:
Vladimir Zernov
Published: Feb 28, 2024, 16:21 UTC

Key Points:

  • EUR/USD made an attempt to settle below the 1.0800 level.
  • USD/CAD moved higher amid a broad pullback in precious metals markets.
  • USD/JPY is heading towards the 151.00 level.
EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts

In this article:

U.S. Dollar

DXY
DXY 280224 4h Chart

U.S. Dollar Index gains ground as traders react to the GDP report, which showed that GDP Growth Rate was 3.2% in the fourth quarter. Analysts expected GDP Growth Rate of 3.3%. GDP Price Index declined from 3.3% in the third quarter to 1.7% in the fourth quarter, compared to analyst consensus of 1.5%.

If U.S. Dollar Index settles above the 104 level, it will head towards the nearest resistance at 104.35 – 104.55.

EUR/USD

EUR/USD
EUR/USD 280224 4h Chart

EUR/USD made an attempt to settle below the 1.0800 level as traders reacted to the disappointing Euro Area Economic Sentiment report. The report indicated that Economic Sentiment declined from 96.1 (revised from 96.2) in January to 95.4 in February.

In case EUR/USD settles below the support at 1.0810 – 1.0830, it will move towards the next support level at 1.0730 – 1.0750.

GBP/USD

GBP/USD
GBP/USD 280224 4h Chart

GBP/USD pulled back after an unsuccessful attempt to settle above the resistance at 1.2650 – 1.2685.

In case GBP/USD declines below the 1.2600 level, it will head towards the nearest support, which is located in the 1.2500 – 1.2520 range.

USD/CAD

USD/CAD
USD/CAD 280224 4h Chart

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

A move above the resistance at 1.3600 – 1.3620 will provide USD/CAD with an opportunity to gain additional upside momentum.

USD/JPY

USD/JPY
USD/JPY 280224 4h Chart

USD/JPY is slowly moving towards the 151 level as traders focus on general strength of the U.S. dollar. RSI is in the moderate territory, so there is plenty of room to gain additional momentum.

A move above the 151 level will push USD/JPY towards the resistance at 151.50 – 152.00. USD/JPY bulls worry about potential interventions from the BoJ, but it remains to be seen whether Japan’s central bank is ready to defend the 152.00 level.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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