Forex Marketz Daily Forex News – Fully Markets Update
The almighty U.S. dollar continues to fall lower from the fifty (50) hour simple moving average. The benchmark USD/CAD currency exchange rate is trading around 1.2560 as we head into the last trading day of the week.
The U.S. dollar is also trading between the fifty and one hundred (100) hour simple moving averages, as the USD/CAD Forex market continues to challenge a rising trend line from 6 July.
Canada will publish a number of economic data today. The Great White North will release their monthly flash manufacturing and services purchasing managers’ indices as well as monthly retail sales data. The United States will publish their monthly flash manufacturing and services purchasing managers’ indices.
Across The Pond, the United Kingdom will release their monthly Gfk consumer sentiment index, monthly retail sales and their monthly flash manufacturing and services purchasing managers’ indices.
The euro area will also publish their monthly flash manufacturing and services purchasing managers’ indices as will the Eurozone’s two largest economies, Germany and France.
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at the above four hour MT 4 price action chart, the relative strength index (RSI) is looking neutral as is the MACD momentum indicator. The U.S. dollar could continue to drift lower in the USD/CAD Forex market.
A daily close below the rising trend line at 1.2550 could bring the one hundred hour simple moving average into play next. The next layer of technical support lines up at 1.2515. The July swing high price point at 1.2450 then comes into the picture.
On the upside, the high price point seen in the middle of July comes into play at 1.2615 with the 50 hour simple moving average lining up at 1.26.
The low price point from Tuesday lines up at 1.2675 with Wednesday’s high price point then lining up at 1.2730.The monthly high price level lines up at 1.2808.
