U.S. Dollar Gains Ground After NFP Report: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Rebounds As Non Farm Payrolls Beat Expectations

U.S. Dollar Index gains ground as traders react to the Non Farm Payrolls report. The report indicated that U.S. economy added 227,000 jobs in November, compared to analyst consensus of 200,000. The previous report was revised from 12,000 to 36,000. The job market stays strong, which is bullish for the American currency.

If U.S. Dollar Index climbs above the resistance at 106.00 – 106.15, it will move towards the next resistance level, which is located in the 107.10 – 107.30 range.

EUR/USD Retreats As Traders Focus On U.S. Economic Reports

EUR/USD pulled back as traders focused on U.S. economic data. Today, traders also had a chance to take a look at Germany’s Industrial Production report. The report showed that Industrial Production declined by 1% month-over-month in October, compared to analyst forecast of +1.2%.

A move below the support at 1.0525 – 1.0540 will push EUR/USD towards the next support level, which is located in the 1.0435 – 1.0450 range.

GBP/USD Pulls Back After An Unsuccessful Attempt To Settle Above 1.2800

GBP/USD retreats as traders react to U.S. Non Farm Payrolls report. The strong U.S. job market data raised worries about hawkish Fed.

A succesful test of the support at 1.2700 – 1.2715 will open the way to the test of the next support level at 1.2575 – 1.2590.

USD/CAD Moved Above 1.4150

USD/CAD tests new highs as traders focus on the pullback in the oil markets and react to Canada’s Unemployment Rate report, which indicated that Unemployment Rate remained unchanged at 6.8%. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

If USD/CAD settles above the 1.4150 level, it will head towards 1.4200. RSI is in the overbought territory, but there is enough room to gain momentum in case the right catalysts emerge.

USD/JPY Is Mostly Flat Ahead Of The Weekend

USD/JPY continues its attempts to settle below the strong support level at 150.00 – 150.50.

If USD/JPY manages to settle below the important 150.00 level, it will head towards the next support level at 147.00 – 147.50.

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