U.S. Dollar Index found itself under strong pressure amid reports indicating that President Donald Trump could fire Powell. However, U.S. Dollar Index rebounded from session lows after Trump said that he was “not planning on doing anything”.
USD/CAD tested resistance at 1.3735 – 1.3750 but lost momentum and pulled back. Rising precious metals markets may provide additional support to Canadian dollar.
If USD/CAD declines below the 50 MA at 1.3678, it will move towards the support level at 1.3650 – 1.3665.
