Forex Marketz Daily Forex News – Fully Markets Update
The Canadian dollar (CAD) remains in control over the U.S. dollar (USD). Looking at the headline USD/CAD currency exchange rate on the above four (4) hour MT 4 chart, the almighty greenback continues to inch lower and is trading below 1.3037/8.
There is a lot on the economic calendar as the new month starts. Canada is set to release monthly manufacturing purchasing managers’ index (PMI) data. The United States also has PMI data on the schedule.
The Institute for Supply Management (ISM) will release their monthly manufacturing purchasing managers’ index (PMI). The U.S. is also releasing monthly final manufacturing purchasing managers’ index (PMI). Monthly construction data is also on the schedule.
The United Kingdom, across the Pond, will publish monthly manufacturing purchasing managers’ index (PMI) data as well as monthly mortgage approvals. The U.K. will also release monthly individual net landing numbers. The Eurozone is releasing their monthly core and headline consumer price index (CPI). The Eurozone is also publishing their monthly unemployment change.
Germany will release monthly unemployment change data and Spain will release their final purchasing managers’ index (PMI). Italy is also releasing labor data, as they will publish their unemployment change and unemployment rate.
Daily Canadian Dollar Technical Analysis (USD/CAD)
Looking at price action on the above MT 4 chart, the Canadian dollar continues to cap any recovery over the U.S. recovery. The last recovery was capped at 1.3052, then the Canadian dollar buyers reentered this Forex market.
With that said the one week old support line is now coming under pressure. This level lines up at 1.3010 with the key downside barrier at 1.30 then coming into the picture. The next downside congestion zone is in play at 1.2960 to 1.2950.
Forex traders should note that the relative strength index (RSI) is starting to move into oversold territory. With that said, the first upside barrier lines up at 1.3075 with the 10 August trend line resistance level at 1.3171 then coming into focus. The 100 day moving average lining up at 1.3192 then comes into play.
