U.S. Dollar Gains Ground: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Moving Higher Despite Jobs Data

U.S. Dollar Index gains ground despite the disappointing JOLTs Job Openings report. The report indicated that JOLTs Job Openings declined from 7.86 million in August to 7.44 million in September, compared to analyst forecast of 7.99 million. The slowdown in the job market may have served as a significant bearish catalyst for the American currency, but traders focused on rising Treasury yields.

A move above the resistance at 104.60 – 104.80 will push U.S. Dollar Index towards the next resistance level at 105.85 – 106.05.

EUR/USD Tests Support At 1.0765 – 1.0780

EUR/USD remains under pressure as traders focus on the GfK Consumer Confidence report from Germany, which indicated that Consumer Confidence improved from -21.0 in October to -18.3 in November.

In case EUR/USD manages to settle below the support at 1.0765 – 1.0780, it will head towards the next support level, which is located in the 1.0665 – 1.0680 range.

GBP/USD Gains Ground Despite Rising Treasury Yields

GBP/USD is trying to settle above the nearest resistance level, which is located in the 1.3000 – 1.3020 range.

If this attempt is successful, GBP/USD will gain upside momentum and move towards the resistance at 1.3120 – 1.3140.

USD/CAD Tests New Highs As Rally Continues

USD/CAD tests new highs as traders react to the pullback in the oil markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

From the technical point of view, USD/CAD needs to settle above the resistance at 1.3930 – 1.3950 to gain additional upside momentum.

USD/JPY Attempts To Settle Above 153.50

USD/JPY is moving higher as traders focus on rising Treasury yields and react to the political uncertainty in Japan.

In case USD/JPY stays above the 153.50 level, it will head towards the resistance at 155.00 – 155.50.

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