Forex Marketz Daily Forex News – Fully Markets Update
The almighty U.S. dollar is on the back foot against the Canadian currency. The benchmark USD/CAD currency exchange rate is trading around 1.2450 as we begin Tuesday’s trading.
Also of note, the U.S. dollar hit a weekly low price point, again, on Monday as the USD/CAD Forex market failed at the two hundred (200) day simple moving average and turned lower to challenge a rising trend line in play from early June.
Canada has no economic data scheduled for release today. The United States will publish their monthly core and headline durable goods orders. The Conference Board (CB) will publish their monthly consumer confidence index. The U.S. is releasing monthly housing price index (HPI) numbers and the Philadelphia Fed will publish their monthly manufacturing index.
The euro area has a quiet economic calendar with no key events scheduled for release. The United Kingdom will publish the CBI leading index for June. Japan has no economic data scheduled for publication overnight into Wednesday.
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at the above USD/CAD daily MT 4 price action chart, the U.S. dollar is extending losses from the 200 day simple moving average and challenging the rising trend line, as mentioned above.
The 14 day MACD histogram is sloping lower which is signaling possible more losses for the USD/CAD currency exchange rate. The rising trend line support lines up at 1.2490. A daily close below 1.2490 opens the door to challenge June’s high price point at 1.2485.
The May high price point lines up at 1.2350. The 200 day simple moving average comes into play at 1.2608.
A sustained close above the 200 day simple moving average, the USD/CAD Forex market has an upside barrier at 1.2650. The next upside barrier lines up at 1.2808. A move above 1.2808 is needed to possibly bring the bulls back into this Forex market.
