EUR/USD, USD/CAD and USD/JPY Forecasts – US Dollar Fighting Back on Tuesday

USD/JPY Tests Multi-Year Highs, While USD/CAD Holds Near Yearly Peaks - ActionForex

After a strong rally in the US dollar at the end of last week, the currency has moved into a consolidation phase against major counterparts. Investors remain cautious ahead of the release of the ADP employment report for the US private sector, which is expected to serve as a key indicator before Friday’s official Nonfarm […] The post USD/JPY Tests Multi-Year Highs, While USD/CAD Holds Near Yearly Peaks appeared first on ActionForex.

USD/JPY Tests Multi-Year Highs, While USD/CAD Holds Near Yearly Peaks

After a strong rally in the US dollar at the end of last week, the currency has moved into a consolidation phase against major counterparts. Investors remain cautious ahead of the release of the ADP employment report for the US private sector, which is expected to serve as a key indicator before Friday’s official Nonfarm Payrolls data. Additional influence on the dollar’s dynamics today may come from the manufacturing PMI and ISM indices, as wel…

EUR/USD, USD/CAD and USD/JPY Forecasts – US Dollar Fighting Back on Tuesday

The US dollar, of course, is rallying against the Canadian dollar, with the 1.42 level offering a little bit of support and the 1.4250 level being a little bit of resistance. This is a strong uptrend for multiple reasons, not the least of which would be the fact that oil had sold off, but more importantly, in this pair, the interest rate differential favors the United States, not to mention the fact that the Federal Reserve is likely to raise ra…