Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark USD/CAD Forex market and above daily MT 4 price chart, the U.S. dollar (USD) is consolidating weekly losses at or around the key 1.30 level during the early Asian trade session on Thursday.
The U.S. financial markets are closed on Thursday. The world’s largest economy, the United States, is celebrating their Thanksgiving Day holiday so trade volume should be light across the board as Wall Street is closed. The American financial markets will reopen Friday for half a day.
The economic calendar is not very busy today in general. This could see the U.S. dollar drift a bit. The greenback has been broadly week for the last week and a half as sentiment has improved. The financial markets have calmed down a bit now that President-elect Joe Biden has officially been projected to be the next president. Donald Trump refuses to admit defeat and his legal challenges are all but failing.
Canada has no data scheduled for release and neither does the United Kingdom. The European Union has some data scheduled for publication. The Eurozone will release M3 money supply data as well as their monthly private loans. Germany, the euro area’s largest economy is publishing their monthly Gfk consumer sentiment survey. France will also publish monthly consumer sentiment data.
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at price action, the dollar is trading between 1.2985 and 1.30 which is a key support area for the USD/CAD currency exchange rate.
Near-term technical resistance lines up at the 17 November low price point at 1.3035 with the ten (10) day simple moving average and the falling trend line in play since 2 November at 1.3060 then coming into play. The next upside barrier lines up at 1.3065.
The 14 day MACD histogram is signaling a bearish price trend. With that said, the first downside barrier below 1.30 lines up at 1.2985. The next downside barrier comes into play at 1.2930.
