U.S. Dollar Pulls Back As Traders Focus On Tariffs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Pulls Back As Traders React To Auto Tariffs

U.S. Dollar Index is losing ground as traders focus on auto tariffs. Today, traders also had a chance to take a look at the GDP Growth Rate report. The report showed that fourth-quarter GDP Growth Rate was +2.4%, compared to analyst forecast of +2.3%.

In case U.S. Dollar Index pulls back below the 50 MA at 103.94, it will move towards the nearest support level at 103.20 – 103.40.

EUR/USD Attempts To Settle Above 1.0800

EUR/USD gains ground as traders react to U.S. economic data and focus on tariff drama.

EUR/USD received strong support in the 1.0760 – 1.0775 range and is trying to gain additional upside momentum. A move above the 50 MA at 1.0845 will push EUR/USD towards the resistance at 1.0920 – 1.0935.

GBP/USD Tests Resistance At 1.2935 – 1.2950

GBP/USD is moving higher as traders focus on general weakness of the American currency.

A successful test of the resistance at 1.2935 – 1.2950 will push GBP/USD towards the next resistance level at 1.3050 – 1.3070.

USD/CAD Climbed Above The 1.4300 Level

USD/CAD gains ground despite the rally in precious metals markets. Canadian dollar is under pressure as traders fear that trade wars will put significant pressure on the Canadian economy. Other commodity-related currencies are moving higher in today’s trading session.

If USD/CAD climbs above the resistance at 1.4330 – 1.4350, it will head towards the next resistance at 1.4485 – 1.4500.

USD/JPY Tests New Highs

USD/JPY tests new highs as traders stay bullish despite U.S. dollar’s weakness. Currently, USD/JPY is trying to settle above the 151.00 level.

In case this attempt is successful, USD/JPY will head towards the nearest resistance level, which is located in the 152.00 – 152.50 range.

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