Dollar Continues Aggressive Rise Ahead of U.S. Elections

FXOpen

The U.S. dollar is reaching new highs, driven by rising bets on Trump’s potential success in the upcoming election, which has renewed its appeal as a safe-haven currency. Over the past week:

  • The USD/CAD pair strengthened above 1.3900,
  • USD/JPY nearly tested the 154.00 level,
  • USD/CHF is showing signs of a “double bottom” pattern.

USD/JPY

The rate differential between the Federal Reserve and the Bank of Japan, coupled with positive sentiment surrounding the upcoming U.S. elections, has fueled a sharp rise in USD/JPY. Over the past two weeks, the pair has gained more than 500 points, reaching significant highs of 154.00–155.00 this year.

Technical analysis of USD/JPY suggests potential for further growth if the price holds above 154.00, though a corrective pullback to the 152.30–151.00 range remains possible.

Key events likely to impact the pair in the upcoming sessions include:

  • Today at 15:15 (GMT+3:00): U.S. ADP Non-Farm Employment Change report,
  • Today at 15:30 (GMT+3:00): U.S. GDP data release,
  • Today at 17:00 (GMT+3:00): U.S. Pending Home Sales Index.

USD/CAD

The USD/CAD pair is in its fifth consecutive week of strengthening, now trading near the 2022 highs of 1.3900–1.3970. Price action within this range will be crucial for setting the pair’s future trend. Should the pair break above 1.3970, it may accelerate the trend towards 1.4100–1.4300. Conversely, a rejection at these levels could trigger a downward correction towards 1.3700–1.3800.

Further signals on USD/CAD movement could emerge following these events:

  • Today at 17:30 (GMT+3:00): U.S. Crude Oil Inventories,
  • Today at 15:30 (GMT+3:00): Speech by Bank of Canada Governor Tiff Macklem,
  • Tomorrow at 15:30 (GMT+3:00): Canadian GDP for August.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Shares

Tesla (TSLA) Stock Underperforms the Broader Market

Analysing Tesla (TSLA) stock chart on 12th December, we:

→ Identified an ascending channel, with the November price consolidation around $350 (marked by a thick blue line) potentially indicating the median line of the long-term ascending channel (highlighted in blue).

→ Mentioned

Commodities

XAU/USD Chart Analysis and Analytical Gold Price Forecast for 2025

With the holiday season underway, this week may be less volatile than the previous one, which was dominated by central bank decisions. This presents an opportunity to analyse the broader trends and outlook for gold prices in 2025.

The XAU/

Commodities

Market Analysis: Gold Price and Crude Oil Price Face Hurdles

Gold price started a fresh decline below $2,665. Crude oil prices are now struggling to clear the $70.00 and $70.50 resistance levels.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price climbed higher toward the
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.