EUR/USD, GBP/USD, USD/CAD, USD/JPY – U.S. Dollar Is Flat In Quiet Trading

Key Insights

• EUR/USD settled near 1.0700 as traders waited for catalysts.
• USD/CAD moved below the 1.3600 level despite the pullback in the oil markets. 
• USD/JPY pulled back as traders took profits after the strong rally. 

U.S. Dollar

U.S. Dollar Index is mostly flat in quiet holiday trading. There are no important economic reports scheduled to be released today, so U.S. dollar may stay flat until tomorrow.

In case the U.S. Dollar Index settles below the 104.10 level, it will head towards the next support at 103.75. On the upside, a move above 104.45 will push the U.S. Dollar Index towards the resistance at 104.75.

R1:104.45 – R2:104.75 – R3:105.10

S1:104.10 – S2:103.75 – S3:103.50

EUR/USD

EUR/USD remains under strong pressure. The recent increase in Treasury yields continues to provide support to the U.S. dollar.

If EUR/USD settles below the 1.0700 level, it will move towards the next support at 1.0670. A successful test of this level will push EUR/USD towards the support at 1.0630.

R1:1.0730 – R2:1.0760 – R3:1.0790

S1:1.0700 – S2:1.0670 – S3:1.0630

GBP/USD

GBP/USD continues its attempts to rebound after the pullback from yearly highs.

If GBP/USD manages to settle above the resistance at 1.2370, it will head towards the next resistance at 1.2410. A move above this level will push GBP/USD towards the 1.2445 level.

R1:1.2370 – R2:1.2410 – R3:1.2445

S1:1.2345 – S2:1.2300 – S3:1.2275

USD/CAD

USD/CAD is losing ground despite the pullback in the oil markets. Other commodity-related currencies are also moving higher in today’s trading session.

If USD/CAD declines below the support level at 1.3565, it will head towards the next support at 1.3530. A move below 1.3530 will push USD/CAD towards the support level at 1.3485.

R1:1.3600 – R2:1.3640 – R3:1.3665

S1:1.3565 – S2:1.3530 – S3:1.3485

USD/JPY

USD/JPY pulls back as traders take some profits off the table after the strong rally.

The nearest material support level for USD/JPY is located at 139.60. In case USD/JPY settles below this level, it will head towards the next support at 137.50.

R1:140.50 – R2:141.60 – R3:142.25

S1:139.60 – S2:138.70 – S3:137.50

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