EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat Despite Strong GDP Data

U.S. Dollar

U.S. Dollar Index is swinging between gains and losses as traders react to GDP Growth Rate report. The report indicated that the second-quarter GDP Growth Rate increased from 1.4% to 2.8%, compared to analyst consensus of 2%. Today, traders also had a chance to take a look at Durable Goods Orders report, which showed that Durable Goods Orders declined by 6.6% month-over-month in June.

U.S. Dollar Index remains stuck below the resistance at 104.40 – 104.60. In case U.S. Dollar Index settles below the 50 MA at 104.23, it will move towards the support level at 103.50 – 103.75.

EUR/USD

EUR/USD gains ground as traders react to Ifo Business Climate report from Germany. The report showed that Business Climate declined from 88.6 to 87.0, compared to analyst consensus of 88.9.

If EUR/USD stays above the 1.0850 level, it will head towards the resistance at 1.0900 – 1.0915.

GBP/USD

GBP/USD is losing ground despite falling Treasury yields. In the UK, CBI Business Optimism Index declined from 9 in the second quarter to -9 in the third quarter, compared to analyst forecast of +15.

A move below the 1.2850 level will open the way to the test of the support at 1.2780 – 1.2800.

USD/CAD

USD/CAD tested new highs as traders focused on the strong 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 1.3850 level, it will move towards the next resistance, which is located in the 1.3880 – 1.3900 range.

USD/JPY

USD/JPY rebounds after the recent sell-off, which was triggered by reports indicating that BoJ may raise rates at the next meeting.

The nearest resistance level for USD/JPY is located in the 154.50 – 155.00 range. If USD/JPY manages to settle above 155.00, it will head towards the 50 MA at 156.44.

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