EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Moves Higher Ahead Of The Weekend

U.S. Dollar

U.S. Dollar Index is moving higher as traders react to Michigan Consumer Sentiment report, which showed that Consumer Sentiment declined from 76.9 in February to 76.5 in March. Today, traders also focused on Industrial Production report, which indicated that Industrial Production increased by 0.1% month-over-month in February. NY Empire State Manufacturing Index declined from -2.4 in February to -20.9 in March, compared to analyst consensus of -7. Treasury yields continued to move higher, which was bullish for the American currency.

In case U.S. Dollar Index settles above the resistance at 103.50 – 103.75, it will head towards the next resistance level, which is located in the 104.40 – 104.60 range.

EUR/USD

EUR/USD is mostly flat as traders wait for catalysts. Inflation reports from Italy and France did not have a material impact on market dynamics.

In case EUR/USD stays below the 1.0900 level, it will head towards the support, which is located in the 1.0810 – 1.0830 range.

GBP/USD

GBP/USD is losing ground as the pullback continues. The recent inflation data from the U.S. has put significant pressure on GBP/USD, and bulls cannot find sufficient catalysts to break the current trend.

A move below the 1.2730 level will open the way to the test of the support at 1.2650 – 1.2685.

USD/CAD

USD/CAD is flat despite the rally in precious metals markets. Silver, platinum, and palladium gained strong momentum today. Interestingly, other commodity-related currencies are moving lower in today’s trading session.

In case USD/CAD climbs above the 1.3550 level, it will head towards the resistance at 1.3600 – 1.3620.

USD/JPY

USD/JPY tests new highs as traders remain focused on rising Treasury yields.

From the technical point of view, USD/JPY is moving towards the nearest resistance level, which is located in the 149.50 – 150.00 range.

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