Dollar Struggles After Powell's Dovish Remarks as USD/CAD Consolidates and EUR/USD Hits New Lows

The US dollar has struggled to recover following Federal Reserve Chair Jerome Powell's recent dovish remarks. Powell's stance has exerted downward pressure on the greenback across multiple currency pairs, including USD/JPY, EUR/USD, and USD/CAD. Technical analyses indicate that the dollar is consolidating losses in the USD/CAD pair and trading at new lows against the euro. Meanwhile, USD/CHF shows some buying activity pushing prices above a swing area, though sellers remain dominant. Overall, Powell's dovish tilt has weighed on the dollar's strength in the foreign exchange market.