U.S. Dollar Index is losing ground as traders react to the weaker-than-expected Michigan Consumer Sentiment report. The report indicated that Michigan Consumer Sentiment decreased from 61.7 in July to 58.6 in August, compared to analyst consensus of 62.
A move below 97.60 will push U.S. Dollar Index towards the support level, which is located in the 97.10 – 97.30 range.
USD/CAD is mostly flat despite the pullback in commodity markets. Other commodity-related currencies gain some ground in today’s trading session as traders bet on dovish Fed.
If USD/CAD stays above the 1.3800 level, it will move towards the next resistance at 1.3845 – 1.3860.
