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U.S. Dollar Index is losing ground as traders react to the weaker-than-expected Retail Sales report. The report showed that Retail Sales increased by 0.2% month-over-month in February, compared to analyst forecast of +0.6%.
Currently, U.S. Dollar Index is trying to settle below the support at 103.20 – 103.40. In case this attempt is successful, U.S. Dollar Index will move towards the next support level at 102.00- 102.20.
USD/CAD Retreats Amid Strong Demand For Commodity-Related Currencies
USD/CAD pulled back as demand for commodity-related currencies increased. Currently, USD/CAD is trying to settle below the 1.4300 level.
In case this attempt is successful, USD/CAD will move towards the next support level, which is located in the 1.4180 – 1.4200 range. RSI has recently moved into the oversold territory, but there is enough room to gain additional downside momentum in the near term.
