The US dollar rose against most currencies as US bond yields rose after falling for the past few days. It rose by 0.15% against the euro, 0.45% against the Japanese yen, and 0.25% against the Swedish krona. The 10-year bond yield rose to 1.66%, which is still lower than this week’s high of 0.73%. This performance is mostly because the market expects the American economy to recover faster than other countries. 

The Canadian dollar rose slightly after the positive jobs numbers from the country. According to Statistics Canada, the country created more than 303,000 jobs in March as the country continued to reopen. The unemployment rate declined to 87.5% from the previous 8.2% while the participation rate rose to 65.2% from the previous 64.70%. Recent numbers from Canada have been relatively strong. This week, Ivey Business School said that the manufacturing PMI increased to 72.9 in March. This trend will likely continue since Canada is one of the biggest US trading partners.

The euro declined against the US dollar after the relatively weak economic numbers from Europe. In Spain, industrial production declined by 2.1% in February after falling by 2.3% in January. In France, the production declined by 4.7% after rising by 3.2% in January. Meanwhile, in Germany, exports rose by 0.9% in February, a decline from 1.6% in January. In the same period, imports rose by 3.6% while the trade surplus narrowed from 21.2 billion euros to 19.1 billion. Its industrial production declined by 1.6%. This performance in Europe was mostly because of the lockdowns imposed to curb the pandemic.


The EUR/USD pair declined to 1.1882 because of the weak European data and the rising US bond yields. On the four-hour chart, the pair has moved below the 38.2% Fibonacci retracement level. It has also declined below the 15-day moving average. The signal line of the MACD is also forming a bearish crossover while the awesome oscillator is also declining. Therefore, the pair may continue falling and test the 23.6% Fibonacci retracement level at 1.1830 and then resume the upward trend. 



The GBP/USD pair declined to a low of 1.3666, which was the lowest level since March 25. On the four-hour chart, the pair has formed a double bottom pattern, which is usually a bullish sign. It is also between the lower and middle lines of the Bollinger Bands. The MACD is below the neutral line while the Relative Strength Index (RSI) is approaching the oversold level. Therefore, the pair may keep falling to 1.3600 if bears manage to move below today’s low of 1.366.



The USD/CAD pair declined slightly today after the Canadian jobs data. On the hourly chart, the price has moved below this week’s high of 1.2634. The price has moved below the 25-day and 15-day exponential moving averages. It has also moved below the middle line of the Bollinger Bands while the MACD is below the neutral level. Therefore, the pair may keep falling, with the next target being 1.2600.


General Risk Warning for FX & CFD Trading. FX & CFDs are leveraged products. Trading in FX & CFDs related to foreign exchange, commodities, financial indices and other underlying variables, carry a high level of risk and can result in the loss of all of your investment. As such, FX & CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with FX & CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to FX or CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD holds above 1.22 as the dollar slides across the board

EUR/USD has extended its gains and has topped 1.22, the highest since February. The safe-haven dollar is weakening amid the risk-on mood and as the Fed sticks to its dovish policy. US housing figures were mixed. The Fed's Bostic is set to speak later. 


GBP/USD extends corrective slide below 1.4200

GBP/USD trades around 1.4180, retreating from 1.4219, the highest since February. Britain's unemployment rate surprisingly dropped to 4.8% as the reopening continues. The dollar is on the back foot amid the upbeat market mood.


XAU/USD consolidates below $1870 amid risk-on mood

Gold price has entered a phase of upside consolidation, having faced rejection once again above $1870. The gold price looks unimpressed by the latest leg down in the US dollar, amid dovish Fed expectations.

Gold News

SEC attempts to block XRP holders from presenting evidence in Ripple case

The Securities & Exchange Commission filed another objection to the motion to intervene by XRP holders. The government agency argues that allowing third-party defendants into the case would “sow chaos” into the litigation.

Read more

Coinbase reveals intention to raise $1.25 billion following direct listing

Since its debut on the Nasdaq, Coinbase’s share price has merely collapsed. Given the recent weakness in its stock price, the leading cryptocurrency exchange is looking for a further cash injection. 

Read more