The US dollar index was trading higher for the third consecutive day. It hit a high of 105.57 at the time of writing and is currently trading around 105.543.
With no major economic data this week, markets are focused on geo-political tension in the Middle East for further movement.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.1% from 90.3% a week ago.
Major resistance- 105.60/106.50
Major support- 104.50/103.80
EURUSD-
EURUSD pared some of its gains after hawkish comments from Fed officials. Minneapolis Federal Reserve President Neel Kashkari said that the Fed would keep borrowing costs on hold for an extended period.
Eurozone retail sales rose 0.80% m/m in Mar well above expectations of 0.60%.
Major resistance-1.0820,1.0865
Major support- 1.0720,1.0660
Yen-
The pair halted its one-week bearishness and showed a pullback on the strong US dollar. Fed's delay in rate cuts supports the US dollar at lower levels. Any break below 153.40 confirms major bearishness.
Major Resistance- 155,157
Major support- 153.40,151.85
Canadian Dollar
The Canadian dollar pared its gains despite strong PMI data. Canada Ivey PMI expanded at a faster pace to 63 in Apr from 57.50 in Mar. Any break above 1.3760 confirms further bullishness.
Resistance- 1.3760,1.3800
Major support- 1.3700,1.36000


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