Forex Marketz Daily Forex News – Fully Markets Update
The almighty U.S. dollar (USD), on the above USD/CAD four (4) hour MT 4 price chart is trading around the downside barrier lining up at 1.3062 as this currency exchange rate continues to trade sideways. The USD/CAD Forex market has been consolidating since 16 November.
Political headlines out of the United States is still affecting the U.S. dollar as well as the entire Forex universe. Outgoing President Donald Trump still has not conceded defeat to President-elect Joe Biden but his administration is releasing funds to the Biden transition team.
President-elect Joe Biden is also putting together his senior policy team. Biden has announced that he has chosen to appoint Anthony Blinken as his Secretary of State and former Fed Chair Janet Yellen as his Secretary of Treasury. He has also appointed his next ambassador to the United Nations as well as National Security Advisor.
Looking at the economic calendar, Bank of Canada Governing Council member Wilkins is giving a speech. The economic calendar out of the United States is a bit busier. The world’s largest economy will publish their monthly CB consumer confidence index.
They are also releasing their monthly Richmond manufacturing index and monthly housing price index (HPI) data. The euro area has no macroeconomic data releases today. The United Kingdom is set to publish their monthly CBI realized sales data.
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at price action on the above USD/CAD price action chart, the relative strength index (RSI) is normal but the U.S. dollar remains on the back foot while below the two hundred (200) hour simple moving average.
With that said, this currency exchange rate is looking at the technical support level lining up at 1.3045 with the next layer of technical support lining up at 1.3030. A sustained close below 1.3030 opens the door for the key downside barrier at 1.30 with the monthly low price point at 1.2930 then coming into focus.
On the upside, a daily close above 1.3123 would bring the 200 hour simple moving average at 1.3140 into focus. The next upside barrier then lines up at the 13 November high price point at 1.3172.
