U.S. Dollar Dives As ADP Employment Change Report Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Under Strong Pressure

U.S. Dollar Index tests new lows as traders react to ADP Employment Change report. The report showed that private businesses added 77,000 jobs in February, compared to analyst forecast of 140,000.

Currently, U.S. Dollar Index is trying to settle below the support at 104.30 – 104.50. In case this attempt is successful, it will head towards the next support level at 103.20 – 103.40.

EUR/USD Tests Resistance At 1.0760 – 1.0775

EUR/USD rallied despite the weaker-than-expected Euro Area Services PMI report. The report showed that Services PMI declined from 51.3 in January to 50.6 in February, compared to analyst forecast of 50.7.

If EUR/USD settles above the resistance at 1.0760 – 1.0715, it will move towards the next resistance level at 1.0920 – 1.0935.

GBP/USD Tests New Highs

GBP/USD gained ground as UK Services PMI increased from 50.8 in January to 51.0 in February.

In case GBP/USD stays above the resistance at 1.2810 – 1.2830, it will head towards the next resistance at 1.2935 – 1.2950.

USD/CAD Is Flat As Traders Focus On Trade Wars

USD/CAD is mostly flat despite the strong sell-off in the oil markets. A potential tariff relief for Canada provided some support to the Canadian dollar today. Other commodity-related currencies are gaining ground in today’s trading session.

In case USD/CAD declines below the support level at 1.4330 – 1.4350, it will head towards the next support level at 1.4150 – 1.4170.

USD/JPY Moved Below The 149.00 Level

USD/JPY continues its attempts to settle below the support level at 149.00 – 149.50 as traders focus on general weakness of the American currency.

RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge. If USD/JPY stays below the 149.00 level, it will head towards the next support at 146.50 – 147.00.

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