Forex Daily Forecast, Analysis and Prediction

USD/CAD remains range-bound between 1.35 and 1.3750 as easing US 10-year yields weigh on the dollar, with crude oil and tight rate differentials keeping the pair in a consolidation pattern short-term.

The British pound rallied above 1.35 after the Bank of England meeting, with bulls targeting the 1.36–1.37 range, though US bond yields and Middle East geopolitical tensions are likely to keep gains in check short-term.

Silver is attracting buyers near the key $70 support level as US interest rates ease, with traders eyeing a potential entry at $72.50 and a target of $79 if the 10-year yield continues to fall.

The USD/JPY pair dropped 450 pips after suspected Bank of Japan intervention near the key 156 level, with analysts leaning bullish on the dollar longer-term but advising patience before entering a position.

Gold is edging higher as US interest rates dip below 4.40%, with the $4,600 level closely watched, though Middle East tensions and bond market volatility keep traders cautious despite a long-term bullish bias.

The Euro is edging higher against the dollar after the ECB decision, with traders eyeing a key range between 1.14 and 1.1850 as risk appetite and energy concerns keep the pair largely range-bound.

Bitcoin is edging higher as US interest rates pull back and ETF inflows suggest growing institutional demand, though analysts urge caution with key resistance near $84,000 and support holding at $72,000.

Nasdaq 100 has pulled back slightly late in April, and this could lead to the beginning of May being somewhat soft.

The US dollar bounced a bit in the latter half of April, and May could see a touch of continuation in this pair.

Gold markets have been noisy in the month of April, but unfortunately, I don’t think May will be any different.

The S&P 500 was very strong in April. However, I suspect May won’t be as easy for the bulls.

Dogecoin has moved back above the $0.10 level after a sharp rise in trading activity. DOGE is trading near $0.106, up about 3.6% in 24 hours and almost 11% over the past week.

Crude oil has been very noisy in April, and May looks more likely than not to be more of the same.

Bearish movement has continued, but there are signs of a bottoming above support confluent with $75,000 which could produce a bullish reversal.

As of this writing the USD/JPY is trading near 160.160, this as it touches values seen on the 30th of March. The USD/JPY has battled near highs throughout April and then has seen reversals lower.