Forex Marketz Daily Forex News – Fully Markets Update
Looking at the U.S. dollar (USD) on the above USD/CAD weekly MT 4 chart, this headline currency exchange rate is trading at a 15 day low price point and challenging the two hundred (200) weekly simple moving average.
Looking at American politics, there are 26 days until the National Election. President Donald Trump is refusing to participate in the next debate with Joe Biden after it was announced that it would be virtual due to the coronavirus (Covid-19).
Today’s economic calendar is quiet as we head into the weekend. The United States has no economic data on the schedule to impact the dollar’s price action. Canada will publish key employment data today.
The Great White North will publish their monthly employment change as well as their monthly unemployment rate. Across The Pond, the United Kingdom is publishing monthly industrial production and manufacturing data. The United Kingdom will also release their monthly trade balance and three (3) month index of services.
The European Union has no economic data on their calendar. France, the Eurozone’s second largest economy, will publish monthly industrial production data. Italy will also publish their monthly industrial production data.
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at the above price action chart, the USD/CAD Forex market is looking quite bearish for the U.S. dollar. The MACD histogram is flashing a bearish trend signal as price action looks to break below the 200 week simple moving average.
With that said, a daily close below the downside congestion zone at 1.3170 to 1.3165 will open the door to challenge the September monthly low price point lining up at 1.2995. Just above that monthly low price point is the key downside barrier a 1.31.
A break towards the upside notes the September high price point lining up at 1.3260 as the first layer of technical resistance. The next upside barrier comes into play at 1.3305 with 1.3420 then coming into focus. The next layer of technical resistance then pops up at 1.3460.
