U.S. Dollar Index is losing ground as traders react to the weaker-than-expected ISM Services PMI report. The report showed that ISM Services PMI declined from 51.6 in April to 49.9 in May, compared to analyst forecast of 52. Numbers below 50 show expansion.
In case U.S. Dollar Index manages to settle below the 98.50 level, it will move towards the next support level, which is located in the 98.00 – 98.20 range.
USD/CAD tests support at 1.3650 – 1.3665 amid rising demand for commodity-related currencies.
In case this test is successful, USD/CAD will head towards the next support level at 1.3575 – 1.3590.
