EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Ground As Treasury Yields Rise

Key Insights

• EUR/USD is trying to settle below 1.0750 as traders focus on rising Treasury yields. 
• USD/CAD failed to settle above the key 1.3600 level. 
• USD/JPY keeps moving higher as the rebound continues. 

U.S. Dollar

U.S. Dollar Index gains ground as Treasury yields continue to rebound from recent lows. The yield of 10-year Treasuries moved towards the 4.28% level, while the yield of 30-year Treasuries settled near 4.36%.

The nearest resistance level for U.S. Dollar Index is located in the 104.50 – 104.75 range. A move above the 104.75 level will push U.S. Dollar Index towards the next resistance at 105.80 – 106.00.

EUR/USD

EUR/USD is losing some ground as traders prepare for Fed and ECB decisions, which will be released this week.

In case EUR/USD stays below the support at 1.0765 – 1.0790, it will head towards the next support level at 1.0660 – 1.0680.

GBP/USD

GBP/USD is mostly flat as traders wait for catalysts. There are no important economic reports scheduled to be released in the UK today, so traders will stay focused on general market sentiment.

A move below the recent lows near 1.2500 will push GBP/USD towards the support at 1.2370 – 1.2410.

USD/CAD

USD/CAD remains stuck near the resistance at 1.3570 – 1.3600. USD/CAD has recently made several attempts to settle above 1.3600 but failed to develop sufficient upside momentum.

If USD/CAD climbs above 1.3600, it will head towards the next resistance level, which is located in the 1.3675 – 1.3700 range.

USD/JPY

USD/JPY continues to rebound after the recent sell-off, which was triggered by fears of a surprising rate hike from BoJ.

If USD/JPY settles above the 50 MA at 146.52, it will move towards the resistance at 148.00 – 149.00.

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