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U.S. Dollar Index gains ground as traders react to Producer Prices report for February. PPI remained unchanged on a month-over-month basis, compared to analyst forecast of +0.3%. Core PPI declined by -0.1%, while analysts expected that it would grow by +0.3%.
In case U.S. Dollar Index manages to settle above the 104.00 level, it will move towards the resistance at 104.30 – 104.50.
USD/CAD Gains Ground Amid Pullback In The Oil Markets
USD/CAD is moving higher as traders focus on the pullback in the oil markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.
A move above the 1.4450 level will push USD/CAD towards the nearest resistance, which is located in the 1.4485 – 1.4500 range.
