EUR/USD, GBP/USD, USD/CAD, USD/JPY – U.S. Dollar Pulls Back At The Start Of The Week

Key Insights

• EUR/USD settled near the 1.0700 level amid a lack of catalysts. 
• USD/CAD has started to move lower as oil markets continued to rebound from the recent lows. 
• USD/JPY moved towards the 151.50 level amid signs of interventions from the BoJ. 

U.S. Dollar

U.S. Dollar Index is losing ground as traders focus on the pullback in Treasury yields.

If U.S. Dollar Index settles back below the 105.65 level, it will head towards the nearest support, which is located in the 104.50 – 104.75 range.

EUR/USD

EUR/USD settled near the 1.0700 level as traders wait for additional catalysts. There are no important economic reports scheduled to be released in the EU today, so traders will stay focused on general market sentiment.

In case EUR/USD manages to climb above the 1.0700 level, it will gain additional upside momentum and move towards the resistance at 1.0765 – 1.0790.

GBP/USD

GBP/USD is moving higher as traders bet on a rebound after the recent pullback. From a big picture point of view, the market does not expect that Fed will be able to raise rates again.

If GBP/USD settles above the 50 MA at 1.2262, it will head towards the nearest significant resistance level, which is located in the 1.2370 – 1.2410 range.

USD/CAD

USD/CAD is losing some ground as oil markets continue to rebound. Other commodity-related currencies are also moving higher in today’s trading session.

If USD/CAD moves below the 50 MA at 1.3768, it will head towards the support at 1.3675 – 1.3700.

USD/JPY

USD/JPY settled near the 151.50 level after an unsuccessful attempt to test the important 152.00 level.

The recent trading action suggests that BoJ may have intervened, so traders should be careful.

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