DXY or US Index 1D | Dollar Oversold

- The dollar has declined over 10% from the March high. The trend is incredibly oversold and due for a multi-week rebound. Gold and precious metals should correct as the dollar works off its deeply oversold conditions.
- The U.S. Dollar Index has failed to settle above 93.50 but did not gain significant downside momentum. The U.S. Dollar Index maintains its chances to continue the rebound and get above the 20 EMA at 94.10. Such a move would be bullish for USD/CAD.
- Today, Russia has announced that it had approved the world’s first COVID-19 vaccine, and this news boosted risk-on sentiment in the global markets despite the widespread criticism of the vaccine due to its rushed development.