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US Dollar Forecast: Bullish Bias Prevails; Setups on EUR/USD, USD/JPY, USD/CAD

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This article scrutinizes the technical outlook for three major U.S. dollar pairs: EUR/USD, USD/JPY, and USD/CAD. Within the piece, we assess market sentiment and examine essential price levels that traders should have on their radar in the upcoming days.

Conversely, if sellers stage a comeback and trigger a bearish reversal, support emerges at 1.0700, as previously indicated. Bulls will need to vigorously defend this region; failure to do so could lead to a downward move towards 1.0650. Prices are likely to stabilize in this area during a pullback, but a decisive breakdown could prompt a drop towards 1.0520..

Following a rebound from trendline support, USD/CAD pushed higher on Friday, closing above its 200-day simple moving average – a positive signal for price action. Should the pair build upon its recent gains over the coming days, resistance can be spotted at 1.3545, followed by 1.3585. Beyond this ceiling, bulls will have their sights on 1.3620 – the 61.8% Fib retracement of the November/December slump.

 

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