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

U.S. Dollar

U.S. Dollar Index is flat as traders wait for additional catalysts. Treasury yields continue to move higher, providing some support to the American currency.

Currently, U.S. Dollar Index is trying to settle above the resistance at 104.40 – 104.60. In case this attempt is successful, it will head towards the next resistance level at 105.90 – 106.10.

EUR/USD

EUR/USD is also flat amid lack of catalysts. Rising Treasury yields did not put pressure on EUR/USD in today’s trading session.

In case EUR/USD manages to settle below the 1.0850 level, it will head towards the next support at 1.0785 – 1.0800.

GBP/USD

GBP/USD is swinging between gains and losses in a quiet trading session. Traders are waiting for PMI reports, which will be released on Wednesday.

The nearest support level for GBP/USD is located in the 1.2880 – 1.2900 range. In case GBP/USD declines below the 1.2880 level, it will head towards the next support at 1.2780 – 1.2800.

USD/CAD

USD/CAD tests new highs as traders focus on the pullback in commodity markets. Gold moved below the $2400 level, which was bearish for commodity-related currencies.

From the technical point of view, USD/CAD is trying to settle above the strong resistance at 1.3785 – 1.3800. This resistance level has been tested many times and proved its strength. A move above 1.3800 will provide USD/CAD with an opportunity to gain additional momentum.

USD/JPY

USD/JPY pulled back despite rising Treasury yields. Traders bet that Fed will start cutting rates soon, which may provide some support to the yen.

In case USD/JPY settles below the 156.00 level, it will move towards the nearest support at 154.50 – 155.00. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

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