Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline USD/CAD currency exchange rate and above four (4) hour MT 4 chart, The Canadian dollar (CAD) continues to strengthen against the U.S. dollar (USD) as price action is challenging 1.3393 during the early Asian trade session.
The USD/CAD Forex market hit a one week high price point on Monday. Forex traders are now watching the one hundred (100) day exponential moving average (EMA) that could keep U.S. dollar bulls happy over the Canadian dollar.
Today’s economic calendar is not very busy. Canada will release month manufacturing purchasing managers’ index (PMI) data. The world’s largest economy, the United States, will publish monthly factory orders data. The European Union is also releasing some data today.
France is releasing their monthly budget and Spain will publish their monthly unemployment change. The Eurozone is releasing monthly purchasing price index (data). This is also known as factory gate prices. The United Kingdom has nothing in the economic calendar for today.
Daily Canadian Dollar Technical Analysis (USD/CAD)
Looking at the above four hour MT 4 price chart, the Canadian dollar has taken advantage over the overall weakness seen with the almighty U.S. currency. Forex traders are looking to challenge the July low price point that lines up at 1.3330. A daily close below this first layer of technical support opens the door to challenge the March and June low price point that lines up at 1.3315.
A sustained close below 1.3315 will shift focus towards the key downside barrier in play at 1.33 before shifting focus towards the February low price in play at the key downside barrier lining up at 1.32.
On the flip side, there is the one hundred (100) day exponential moving average (EMA) that lines up at 1.3450 as the first layer of technical resistance. A daily close above 1.3450 opens the door to challenge both a falling trend line in play for five weeks and the two hundred (200) exponential moving average. This upside barrier lines up at 1.3315.
