In the week ended on May 23, the advanced figure for seasonally adjusted initial claims was 282,000, showed an increase of 7,000 from the previous week's revised level. Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors.

On a monthly basis, the US Dollar Index managed to bag more than 2%. On a weekly basis, it added 0.75%. Earlier, we recommended buying at 94.00. The US Dollar Index made a double top at 97.30. Intraday support is found at 96.60 and 96.00.

USD/CAD

Today, we expect the pair to move actively ahead of GDP data from Canada and prelim GDP. The pair managed to gain approximately 3%. The pair managed to hold the 20Wsma found at 1.2400. In case of today's close above 1.2400, we will expect 1.2650 next week and 1.2800 later. On May 15, we advised buying initially at 1.2000 extending the target at 1.2500. The pair reached a high of 1.2539.

Today, the pair opened on a bearish note. The support is found at 1.2400 and 1.2380; resistance is seen at 1.2430 and 1.2455. The pair hit a lower low in the H1 chart after 15 days. The buying opportunity is seen above 1.2460, at 1.2490 and 1.2530. Selling opportunity is expected below 1.2380, at 1.2320 and 1.2300.