EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat As Traders React To Economic Reports

U.S. Dollar

U.S. Dollar Index is swinging between gains and losses as traders react to economic reports. Durable Goods Orders declined by 6.1% month-over-month in January, compared to analyst consensus of -4.5%. Case-Shiller Home Price index decreased by 0.3% month-over-month in December. CB Consumer Confidence pulled back from 114.8 in January to 106.7 in February. Overall, the reports were somewhat bearish for the American currency, but the U.S. dollar did not find itself under material pressure.

If U.S. Dollar Index settles below the support at 103.50 – 103.75, it will move towards the next support level at 102.80 – 103.00.

EUR/USD

EUR/USD is mostly flat as traders react to GfK Consumer Confidence report from Germany. The report indicated that Consumer Confidence improved from -29.6 to -29, in line with the analyst consensus.

From the technical point of view, EUR/USD needs to settle above the 1.0850 level to have a chance to gain upside momentum in the near term.

GBP/USD

GBP/USD is flat amid a lack of catalysts. Traders follow the general dynamics of the U.S. dollar.

GBP/USD continues its attempts to settle above the 1.2685 level. In case GBP/USD climbs above this level, it will head towards the next resistance, which is located in the 1.2800 – 1.2825 range.

USD/CAD

USD/CAD gains ground despite the rebound in commodity markets. The recent attempts to settle below the support at 1.3480 – 1.3500 yielded no results, so USD/CAD may be ready to gain upside momentum.

RSI remains in the moderate territory, so there is plenty of room to gain upside momentum in case the right catalysts emerge.

USD/JPY

USD/JPY remains stuck near the 150.50 level as traders focus on inflation data from Japan. Inflation Rate declined from 2.6% in December to 2.2% in January, while Core Inflation Rate decreased from 2.3% to 2%.

There are no signs of interventions from the BoJ, and USD/JPY has stabilized above the key 150.00 level.

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