Forex Marketz Daily Forex News – Fully Markets Update
Looking at the above USD/CAD currency exchange rate on the above daily MT 4 price action chart, the U.S. dollar is facing some exhaustion near 1.3020 as this Forex market trades at 1.3022.
The almighty U.S. dollar, during the Asian trade session is trading quietly from 1.3050 to 1.2985 as Forex traders look for a directional cue from the financial markets or news. Forex traders should note that the Canadian currency has gotten support from the recent climb in oil prices.
U.S. dollar as well as Canadian dollar volatility will stem from U.S. election and political drama. President Donald Trump is refusing to accept defeat. He continues to call the election rigged and is mounting legal campaigns, most of which have already been dismissed on their merits. Secretary of State Mike Pompeo, in an odd comment, has said that there will be a smooth transition to a second term for Mr. Trump.
Also of note, several key Republican Party lawmakers, including Senate Majority Leader Mitch McConnell are standing behind the outgoing president. President-elect Joe Biden says his team will pursue legal options now to ensure a smooth transition of power.
Today there are several national holidays around the world. This means little or no economic data will be released. It is Armistice Day in France and Germany. In the United States it is Veterans Day. However, European Central Bank (ECB) President Christine Lagarde is scheduled to give a speech. Also, there are four members of the ECB Governing Council giving commentary. Canada has no economic data scheduled to be released
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at the above USD/CAD price chart, traders should note the previous two daily candles have failed to close above the lowest price point of that particular day.
This is an indication that there is selling exhaustion near the downside barrier lining up at 1.3020. This could mean that the selloff form 1.3390 to 1.2928 could be nearing an end.
With that said, a bearish reversal would come into play with a daily and sustained close above the upside barrier lining up at 1.3050. On the downside of the coin, a daily close below 1.2928 would imply the sellers are back in control of this Forex market.
