U.S. Dollar Retreats From Weekly Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Lower Amid Profit-Taking

U.S. Dollar Index is losing ground despite the better-than-expected Michigan Consumer Sentiment report. The report indicated that Michigan Consumer Sentiment increased from 56.4 in January to 57.3 in February, compared to analyst forecast of 55.

In case U.S. Dollar Index pulls back below the 97.50 level, it will head towards the support level at 97.10 – 97.25.

EUR/USD Gains Ground As Germany’s Exports Rise

EUR/USD gains ground as traders react to the better-than-expected Exports report from Germany. The country’s Exports increased by +4% month-over-month in December, compared to analyst forecast of +1%.

A move above the resistance at 1.1835 – 1.1850 will push EUR/USD towards the next resistance level at 1.1900 – 1.1915.

GBP/USD Climbed Above The 1.3600 Level

GBP/USD rebounds as traders buy the dip. Today, traders also focused on the Halifax House Price Index report from the UK. The report showed that house prices increased by +1% year-over-year in January, compared to analyst forecast of 0%.

In case GBP/USD stays above the 1.3600 level, it will move towards the resistance level, which is located in the 1.3710 – 1.3725 range.

USD/CAD Moves Lower As Precious Metals Rally

USD/CAD pulls back as precious metals rebound after the sell-off. Other commodity-related currencies are also moving higher in today’s trading session.

A move below the 50 MA at 1.3620 will push USD/CAD towards the support at 1.3575 – 1.3590.

USD/JPY Tests The 157.00 Level

USD/JPY remains stuck near the 157.00 level as traders focus on the Household Spending report from Japan. The report showed that Household Spending decreased by -2.9% month-over-month in December, compared to analyst forecast of -1.3%.

In case USD/JPY manages to settle above the 157.00 level, it will head towards the resistance level at 158.00 – 158.50.

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