U.S. Dollar Pulls Back Ahead Of Tariff Announcement: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Lows

U.S. Dollar Index pulls back as traders wait for the reciprocal tariff plan announcement. Today, traders also had a chance to take a look at Factory Orders report for February. The report indicated that Factory Orders increased by +0.6% month-over-month, compared to analyst consensus of +0.5%.

In case U.S. Dollar Index stays below the 104.00 level, it will head towards the nearest support, which is located in the 103.20 – 103.40 range.

EUR/USD Attempts To Settle Above 1.0850

EUR/USD gains ground as traders make their final bets ahead of the tariff announcement.

If EUR/USD manages to settle above the 1.0850 level, it will head towards the resistance level at 1.0920 – 1.0935.

GBP/USD Is Moving Higher As Traders Prepare For Trump Tariffs

GBP/USD is trying to settle above the resistance level at 1.2935 – 1.2950 as traders focus on general weakness of the American currency.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term. In case GBP/USD stays above the 1.2950 level, it will head towards the next resistance, which is located in the 1.3050 – 1.3070 range.

USD/CAD Is Mostly Flat In Choppy Trading

USD/CAD remains stuck below the resistance at 1.4330 – 1.4350. Other commodity-related currencies are moving higher in today’s trading session.

If USD/CAD gets back above the 1.4350 level, it will move towards the recent highs near the 1.4400 level.

USD/JPY Gains Ground Amid Rising Treasury Yields

USD/JPY attempts to settle above the 50 MA at 150.02 as traders focus on rising Treasury yields. The yield of 2-year Treasuries moved above the 3.90% level, while the yield of 10-year Treasuries climbed above 4.20%.

In case USD/JPY settles above the 150.02 level, it will head towards the resistance at 152.00 – 152.50.

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