U.S. Dollar Index remains under pressure as traders bet on dovish Fed. U.S. Treasury Secretary Scott Bessent urged Fed to cut the federal funds rate by 50 basis points in September, putting additional pressure on the American currency.
In case U.S. Dollar Index stays below the 97.80 level, it will head towards the nearest support, which is located in the 97.10 – 97.30 range.
USD/CAD is mostly flat as traders wait for additional catalysts. Other commodity-related currencies are moving higher in today’s trading session.
The nearest support level for USD/CAD is located in the 1.3735 – 1.3750 range. A successful test of this level will push USD/CAD towards the next support at 1.3585 – 1.3600.
