Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar (USD) has been under broad selling pressure going on two weeks. The Canadian dollar (CAD) is retaining its edge in this headline Forex market.
Looking at the USD/CAD currency exchange rate, on the above hourly MT 4 price action chart, the Canadian dollar is trading around 1.3050 as the American currency is having difficulty maintain upwards buying pressure against the sentiment and commodity linked Canadian currency.
Canada is publishing their monthly trade balance during the North American trade session, however all eyes will be on economic data out of the United States. The private monthly Institute for Supply Management (ISM) non-manufacturing purchasing managers’ index (PMI) is on the schedule.
Forex traders should pay close attention to the employment sub-section of the report as opposed to the headline number. The Labor Department will release weekly first time unemployment claims data as well as continuing claims. The United States also has final services purchasing managers’ index (PMI) on the schedule.
The European Union is releasing their monthly retail sales data. The Eurozone will also publish final services purchasing managers’ index (PMI). Italy will be releasing their monthly services purchasing managers’ index (PMI) data.
The United Kingdom will also release PMI data today. The UK is scheduled to publish their final services purchasing managers’ index (PMI).
Daily Canadian Dollar Technical Analysis (USD/CAD)
Looking at price action, the USD/CAD Forex market is trading around the 100 hour moving average which has capped gains several times. There is a technical upside barrier in play at 1.3037/38, which needs to be settled fist.
A daily close above the 100 HMA lining up at 1.3064 is needed to challenge the weekly high price point in play at 1.3095. The 200 hour moving average lines up at 1.3120.
On the downside, the first layer of technical support lines up at 1.3010 with the monthly low price point at 1.2295 then coming into focus. The next layer of downside support then lines up at 1.2950.
