U.S. Dollar Tests New Highs Ahead Of The Weekend: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Stays Strong

U.S. Dollar Index continues to move higher as traders focus on recent changes in tariff policy.

The nearest significant resistance level for U.S. Dollar Index is located in the 98.00 – 98.20 range. If U.S. Dollar Index climbs above the 98.20 level, it will head towards the next resistance level at 99.20 – 99.40.

EUR/USD Is Mostly Flat As Traders Wait For Additional Catalysts

EUR/USD is stuck near the support at 1.1675 – 1.1690 as traders react to Germany’s Wholesale Prices report. The report indicated that Wholesale Prices increased by +0.9% year-over-year in June, compared to analyst forecast of +0.1%.

A successful test of the support at 1.1675 – 1.1690 will push EUR/USD towards the next support level at 1.1575 – 1.1590.

GBP/USD Tests New Lows As UK GDP Misses Analyst Estimates

GBP/USD is losing ground as traders react to the disappointing UK GDP report. The report indicated that UK GDP declined by -0.1% month-over-month in May, compared to analyst consensus of +0.1%.

If GBP/USD settles below the support level at 1.3500 – 1.3520, it will head towards the next support at 1.3370 – 1.3390.

USD/CAD Moves Higher As Traders Focus On Trump’s Tariff Threat

USD/CAD gained some ground as traders reacted to Trump’s tariff threats. U.S. President threatened a 35% tariff on some Canadian goods.

In case USD/CAD manages to settle above the 1.3700 level, it will move towards the next resistance level at 1.3735 – 1.3750.

USD/JPY Attempts To Settle Above The Resistance At 147.50 – 148.00

USD/JPY is moving higher as traders stay focused on rising Treasury yields. The yield of 2-year Treasuries tested the 3.90% level, while the yield of 10-year Treasuries settled above 4.40%.

A successful test of the resistance level at 147.50 – 148.00 will open the way to the test of the next resistance at 151.00 – 151.50.

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