Dollar Strengthens as EUR/USD Rally Fades Amid Profit-Taking
The US dollar has regained some ground as the week begins, moving away from its multi-month lows. The Dollar Index is attempting to settle above the 99.00 level, which would put it in a position to test the resistance level at 99.25-99.40.
EUR/USD pulled back amid profit-taking, failing to break through the resistance level at 1.1685-1.1700. If it manages to settle above this level, it will head towards the next resistance zone of 1.1775-1.1790.
GBP/USD remains stuck near its current levels of around 1.3635-1.3650 due to a lack of strong catalysts at the start of the week. Oil prices have pulled back by 1.5%, but this hasn't provided additional support for the British pound.
USD/CAD, on the other hand, has gained ground as demand for commodity-related currencies declined. It's attempting to settle above the resistance level at 1.3825-1.3840 and could reach the 50 MA at 1.3855 if successful.