EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Mostly Flat After Initial Jobless Claims Report

Key Insights

• EUR/USD settled near the 1.0700 level as traders waited for catalysts. 
• USD/CAD pulled back as oil markets rebounded from recent lows. 
• USD/JPY managed to climb above the 151.00 level. 

U.S. Dollar

U.S. Dollar Index is mostly flat as traders react to the Initial Jobless Claims report, which indicated that 217,000 Americans filed for unemployment benefits in a week.

The nearest resistance level for U.S. Dollar Index is located in the 105.65 – 105.90 range. In case U.S. Dollar Index settles above 105.90, it will head towards the next resistance at 106.90 – 107.20.

EUR/USD

EUR/USD is flat as traders wait for additional catalysts. The rebound in Treasury yields did not put any pressure on EUR/USD.

If EUR/USD stays above the 1.0700 level, it will head towards the next resistance, which is located at 1.0765 – 1.0790.

GBP/USD

GBP/USD is swinging between gains and losses in choppy trading. There are no important economic reports scheduled to be released in the UK today, so traders will stay focused on general market sentiment.

If GBP/USD moves above the 1.2300 level, it will head towards the resistance at 1.2370. On the support side, a move below 1.2250 will open the way to the test of the support at 1.2180 – 1.2200.

USD/CAD

USD/CAD pulls back as oil markets rebound from recent lows. Other commodity-related currencies are also moving higher in today’s trading session.

In case USD/CAD settles below the 1.3750 level, it will gain additional downside momentum and move towards the support at 1.3675 – 1.3700.

USD/JPY

USD/JPY climbed above the 151.00 level and is trying to gain additional upside momentum.

There are no signs of interventions from the BoJ, although traders remain worried about potential moves from Japan’s central bank.

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