The U.S. dollar is currently on a downward trend in the forex market, affecting major currency pairs such as EUR/USD, GBP/USD, USD/CAD, and USD/JPY. This shift in the value of the dollar is important to consider when trading in these pairs.
The EUR/USD pair is likely to see a rise in value as the U.S. dollar weakens. Similarly, the GBP/USD pair is also expected to benefit from the dollar’s decline. On the other hand, the USD/CAD pair may experience some pressure as the Canadian dollar strengthens against the U.S. dollar.
In the case of the USD/JPY pair, the Japanese yen is likely to gain strength as the U.S. dollar loses its value. This could lead to a decrease in the value of the USD/JPY pair.
Overall, traders should closely monitor the movement of the U.S. dollar in relation to these major currency pairs to make informed decisions when trading in the forex market.