U.S. Dollar Index is under strong pressure as traders react to the final reading of the first-quarter GDP Growth Rate report. The report indicated that GDP Growth Rate was -0.5%, compared to analyst forecast of -0.2%. Traders also focus on reports indicating that Trump wants to name Powell’s successor by September or October.
USD/CAD moved lower amid rising demand for commodity-related currencies.
USD/CAD is under pressure as traders focus on the rebound in the oil markets and the rally in precious metals markets.
If USD/CAD settles below the support at 1.3645 – 1.3665, it will head towards the next support level at 1.3550 – 1.3565.
