U.S. Dollar Index gains ground as traders react to the better-than-expected Composite PMI report. The report indicated that Composite PMI declined from 53.5 in March to 51.2 in April, compared to analyst forecast of 51.
U.S. Dollar Index settled above the 50 MA at 99.39 and is trying to settle above the 99.70 level. In case this attempt is successful, U.S. Dollar Index will move towards the next resistance at 100.20 – 100.40.
USD/CAD is moving higher as traders focus on the strong pullback in gold and oil markets. Other commodity-related currencies are mostly flat in today’s trading session.
A move above the 1.3900 level will push USD/CAD towards the nearest resistance at 1.3930 – 1.3950.
