Forex Marketz Daily Forex News – Fully Markets Update
Looking at the U.S. dollar (USD) on the above USD/CAD four hour (4) MT chart, risk sentiment improved after news that the American President had been released from the hospital. This sent this currency exchange rate lower towards a rising trend line.
Looking at the economic calendar a couple things will affect the U.S. dollar (USD). Firstly, President Donald Trump has been released from Walter Reed Medical Center and is now back at the White House.
He has made some curious remarks, as he thinks he is immune to the pandemic. As of right now 14 members of the President’s inner circle, including the White House Press Secretary have tested positive for the coronavirus and are entering isolation.
As far as economic data is concerned, the United States is releasing monthly import and export trade data. There is also weekly crude oil inventory data, which will impact the Canadian dollar (CAD) more.
Canada will publish their monthly trade balance data. Across The Pond, European Central Bank (ECB) President Christine Lagarde is delivering a speech and Germany is releasing monthly factory orders. The United Kingdom will publish their monthly construction purchasing managers’ index (PMI).
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at price action on the above chart, the USD/CAD currency exchange rate is challenging a key upward sloping trend line. There is another key layer of technical support that lines up at 1.3238. a sustained close below this level opens the door to challenge the downside technical barrier in play at 1.3150.
On the upside, this benchmark Fore market has a key level of technical resistance lining up at 1.3420. a daily close back above this level could signal a price tend change and bring the bulls back in.
With that said, the technical indicators are signaling a possible bearish trend. The MACD histogram and its signal lines are under zero. He relative strength index (RSI) is also trending lower towards the oversold zone.
