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

U.S. Dollar Is Moving Higher As Michigan Consumer Sentiment Report Beat Estimates

U.S. Dollar Index gains ground as traders react to the better-than-expected Michigan Consumer Sentiment report. The report showed that Consumer Sentiment increased from 70.5 in October to 73.0 in November, compared to analyst forecast of 71.

In case U.S. Dollar Index climbs back above the 105.00 level, it will move towards the next resistance level, which is located in the 106.00 – 106.15 range.

EUR/USD Pulled Back Below 1.0750

EUR/USD is moving lower as traders focus the recent comments from Fed Chair Powell. Traders expect that ECB will be more dovish than Fed, which is bearish for EUR/USD.

If EUR/USD pulls back below the 1.0700 level, it will move towards the nearest support level at 1.0650 – 1.0670.

GBP/USD Is Under Pressure Ahead Of the Weekend

GBP/USD is moving lower as traders focus on general strength of the American currency.

A move below the 1.2900 level will push GBP/USD towards the nearest support level at 1.2870 – 1.2880.

USD/CAD Gains Ground As Commodity Markets Pull Back

USD/CAD is moving higher as traders react to the strong pullback in commodity markets. Today, traders also focused on the Unemployment Rate report from Canada. The report showed that Unemployment Rate remained unchanged at 6.5% in October, compared to analyst consensus of 6.6%.

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

USD/JPY Is Moving Lower As Pullback Continues

USD/JPY remains stuck below the resistance at 153.00 – 153.50 as traders focus on falling Treasury yields.

If USD/JPY settles above 153.50, it will move towards the next resistance level at 155.00 – 155.50.

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