EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts

U.S. Dollar Index rebounds despite the pullback in Treasury yields. While traders have started to prepare for Fed cuts in 2024, they remain cautious amid uncertainty.

In case U.S. Dollar Index climbs above the resistance at 105.65 – 105.90, it will head towards the next resistance level, which is located in the 106.90 – 107.20 range.

EUR/USD pulled back as traders reacted to Germany’s Industrial Production report, which showed that Industrial Production declined by 1.4% month-over-month in September.

In case EUR/USD manages to settle below the support at 1.0670 – 1.0700, it will head towards the next support at 1.0520 – 1.0550.

GBP/USD

GBP/USD pulls back as traders take some profits off the table after the recent rally.

If GBP/USD manages to stay above the 1.2300 level, it will have a good chance to gain upside momentum and move towards the resistance at 1.2370 – 1.2410.

USD/CAD

USD/CAD gained ground as oil markets suffered a strong sell-off, which was driven by the release of weak economic data from China.

From the technical point of view, USD/CAD settled back above the 1.3700 level and is moving towards the resistance at 1.3800 – 1.3830.

USD/JPY

USD/JPY settled back above the 150.00 level as traders focused on the fundamental weakness of the Japanese currency.

There are no signs of interventions from the BoJ, so USD/JPY has a good chance to test the nearest resistance at 151.45 – 152.00.

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