US Dollar Gains Ground on Inflation Data as EUR/USD Pulls Back
The US dollar has gained ground in recent trading sessions as inflation rate data meets expectations. The U.S. Dollar Index (DXY) is attempting to settle above the resistance level at 99.85-100.00, a move that could push it towards the next resistance at 100.50-100.65.
The EUR/USD pair pulled back in response to the US CPI report, with traders focusing on inflation data and oil market dynamics. The nearest support level for EUR/USD is located in the 1.1510-1.1525 range, below which it will head towards the next support at 1.1435-1.1450.
GBP/USD moved away from session highs as traders reacted to U.S. CPI report, with some hoping for lower inflation numbers than expected. A move below the 1.3500 level would push GBP/USD towards the support level at 1.3465-1.3480.
USD/CAD has attempted to rebound despite rising precious metals markets, and if it settles above the 1.3950 level, it will head towards the 50 MA at 1.3995.