U.S. Dollar Moves Higher Ahead Of The Weekend: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests Weekly Highs

U.S. Dollar Index gains ground as traders bet on a rebound from multi-month lows. Treasury yields are moving lower, but this move does not put pressure on the American currency.

The nearest resistance level for U.S. Dollar Index is located in the 104.30 – 104.50 range. A move above the 104.50 level will push U.S. Dollar Index towards the next resistance, which is located in the 105.50 – 105.70 range.

EUR/USD Pulls Back After Disappointing Consumer Confidence Data

EUR/USD pulls back as traders focus on the weaker-than-expected Euro Area Consumer Confidence report. The report showed that Consumer Confidence decreased from -13.6 in February to -14.5 in March, compared to analyst consensus of -13.

In case EUR/USD declines below the support at 1.0760 – 1.0775, it will head towards the next support level at 1.0630 – 1.0650.

GBP/USD Attempts To Settle Below 1.2900

GBP/USD tests new lows as traders react to Gfk Consumer Confidence report from the UK. The report showed that Consumer Confidence improved from -20 in February to -19 in March, compared to analyst forecast of -21.

If GBP/USD settles below the 1.2900 level, it will move towards the next support level at 1.2810 – 1.2830.

USD/CAD Tests Resistance At 1.4330 – 1.4350 As Retail Sales Miss Expectations

USD/CAD gained ground after the release of Retail Sales data from Canada. Retail Sales declined by -0.6% month-over-month in January, compared to analyst forecast of -0.4%.

A successful test of the resistance at 1.4330 – 1.4350 will push USD/CAD towards the next resistance level at 1.4485 – 1.4500.

USD/JPY Remains Stuck Near Key Resistance At 149.00 – 149.50

USD/JPY continues its attempts to settle above the resistance at 149.00 – 149.50 as traders focus on inflation data from Japan. Inflation Rate declined from 4% in January to 3.7% in February, compared to analyst forecast of 4.2%.

A move above the 149.50 level will open the way to the test of the next resistance level at 152.00 – 152.50.

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