The Canadian Dollar lost ground on Friday as bullish momentum faded. Declining crude oil prices, softer Bank of Canada rate hike expectations, and stronger U.S. economic data pressured CAD, pushing USD/CAD higher toward resistance near 1.3680. Traders should monitor oil trends and monetary policy signals for next moves.
The US dollar faces a critical juncture as recent declines raise questions about a sustained sell-off versus a temporary pullback. Federal Reserve’s data-dependent stance, mixed economic signals, and global factors create uncertainty for the dollar index’s path. Traders should watch key support near 104 and Fed communications closely to gauge the greenback’s true direction.
Weekly Forex Forecast from Justin Bennett for Forex Factory:
DXY consolidates near 104.50, holding a symmetrical triangle with resistance at 105.00 and support at 104.20. CPI and PPI data will be key.
EUR/USD struggles below 1.0800 amid bearish momentum; watch 1.0860 resistance and support at 1.0720. Eurozone softness favors USD strength.
GBP/USD trades in a broad range between 1.2515 and 1.2815; focus on 1.2660 resistance and 1.2580 support amid mixed UK data.
NZD/USD remains sensitive to risk sentiment, with support around 0.6350 and resistance near 0.6450 as global growth concerns loom.
Stay tuned to macro updates and technical levels for potential breakouts or reversals this week.
Following weaker-than-expected US jobs data, the British pound surged past both the dollar and euro as markets dial back Fed rate hike bets. Sterling’s gains reflect shifting monetary outlooks with the Bank of England seen holding rates higher for longer while the ECB adopts a cautious stance amid eurozone risks.
Bank of America projects by end-2025 the British pound to reach $1.20 against the US dollar, while the euro strengthens to 1.14 versus the pound. Diverging central bank policies and political factors drive a weaker USD and resilient EUR, shaping a complex outlook in global forex markets. #Forex #GBPUSD #EuroDollar
The Canadian Dollar pulled back against the U.S. Dollar as bullish momentum faded amid mixed domestic economic data, oil price volatility, and divergent central bank signals. With inflation easing but global uncertainties persisting, the Bank of Canada’s next moves will remain key for CAD’s direction.
The US dollar remains resilient as markets reassess Fed’s cautious stance and mixed economic signals. While data hints at easing inflation and a slowing economy, the outlook for a deep, sustained dollar sell-off looks uncertain. Traders stay watchful amid ongoing volatility and shifting policy expectations. #USD #Forex
Weekly Forex forecast by Justin Bennett highlights a cautious US Dollar Index (DXY) range between 104.00-105.10 amid Fed’s rate cut outlook. EUR/USD struggles under 1.0850 facing ECB easing and eurozone weakness. GBP/USD and NZD/USD poised for volatility as central bank signals evolve. #ForexForecast
EUR/USD surged to 1.1714 after weaker-than-expected U.S. jobs data caused the dollar to weaken. The disappointing non-farm payroll numbers shift expectations, suggesting the Fed may delay tightening, boosting the euro and risk assets.
USD/JPY remains in focus amid divergent U.S. and Japan monetary policies. Hawkish Fed stance and rising Treasury yields boost USD, while BoJ’s dovish approach caps yen gains. Watch for intervention risks and carry trade dynamics as USD/JPY trades above 155, signaling continued volatility. #ForexForecast #USDJPY
