EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat After JOLTs Report

Key Insights

• EUR/USD is moving higher as Euro Area GDP Growth Rate exceeded expectations. 
• USD/CAD is mostly flat while oil markets rebound amid rising tensions in the Middle East. 
• USD/JPY climbed back above the 147.50 level. 

U.S. Dollar

U.S. Dollar Index is mostly flat as traders react to economic reports. JOLTs Job Openings increased from 8.925 million in November to 9.026 million in December, while CB Consumer Confidence improved from 108 in December to 114.8 in January.

If U.S. Dollar Index manages to settle above the resistance at 103.50 – 103.75, it will head towards the next resistance level, which is located in the 104.35 – 104.55 range.

EUR/USD

EUR/USD gains some ground as traders focus on the better-than-expected Euro Area GDP Growth Rate report, which showed that GDP remained unchanged in the fourth quarter.

If EUR/USD moves above the 50 MA at 1.0866, it will head towards the next resistance, which is located in the 1.0925 – 1.0950 range.

GBP/USD

GBP/USD pulls back ahead of tomorrow’s Fed Interest Rate Decision. The yield of 2-year Treasuries is moving higher, providing some support to the American currency.

If GBP/USD moves below the 1.2650 level, it will head towards the next support at 1.2500 – 1.2520.

USD/CAD

USD/CAD is flat while traders focus on the developments in the oil markets amid rising tensions in the Middle East.

From the technical point of view, USD/CAD needs to settle below the 1.3380 level to gain additional downside momentum.

USD/JPY

USD/JPY did not manage to settle below the support at 147.00 – 147.50 and is trying to climb above the 50 MA at 147.85.

In case this attempt is successful, USD/JPY will move towards the next resistance level at 149.50 – 150.00.

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