Forex Marketz Daily Forex News – Fully Markets Update
Looking at the Canadian dollar (CAD), the Loonie remains in command over the U.S. dollar. The USD/CAD currency exchange rate on the above MT 4 weekly price chart shows that the dollar remains under pressure around 1.3170.
This Forex market fell to a new low price point since late January during the trade session on Monday before recovering to 1.3217. Right now, the two hundred (200) day simple moving average seems to be preventing further losses in the USD/CAD Forex market.
Today the Canadian dollar will pay close attention to commentary out of the Bank of Canada. Bank of Canada (BOC) monetary policy member Wilkins is speaking today during the Wall Street trade hours. There is also central bank commentary out of the United Kingdom. Bank of England commentary. Monetary Policy Committee (MPC) member Haldane will be delivering remarks.
The United States has monthly durable goods orders scheduled to be released today. This includes the core and headline number. Also on the American calendar, they will release weekly crude oil inventory levels. The Canadian dollar has exposure to the price of crude oil. The European Union calendar has no macroeconomic data scheduled.
Daily Canadian Dollar Technical Analysis (USD/CAD)
Looking at the above price action chart, the relative strength index (RSI) is trending lower which signals that the bears have some strength left. At this point the downside technical barrier in play at 1.31 is the next layer of support to monitor.
This is the rising trend line support in play since April 2018. A daily close below 1.31 opens the door to challenge the next layer of technical support in play at 1.3055 with the key level at 1.30 then coming into focus.
On the other side of the coin, a break above 1.33 opens the door to challenge the June monthly low price point that lines up at 1.3315. The May 2019 high price point in play at 1.3565 would then come into focus with the next layer of technical resistance lining up at 1.3470.
