Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline USD/CAD Forex market on the above four (4) hour MT 4 price chart, the U.S. dollar has recovered from a weekly low price point to trade just below the one hundred (100) hour simple moving average at 1.3150 during the early Asian trade session on Friday.
The American dollar is trading around 1.3140 to 1.3150 after breaking above the downward sloping trend line the day before. This trend line has been in play since 1 November.
Today’s economic Canada is empty with no key macroeconomic releases. The world’s largest economy has some economic data on the schedule. Firstly, the United States will release their monthly factory gate prices. This is their core and headline producer price index (PPI).
The University of Michigan is releasing their monthly preliminary look at consumer sentiment as well as inflation expectations. The U.S. will also publish weekly natural gas inventory.
The United Kingdom will publish their monthly CB leading index. Germany is publishing their monthly WPI data. The Eurozone is releasing their preliminary flash quarterly gross domestic product (GDP).
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at the above USD/CAD price action chart, the MACD histogram is still flashing a bullish trend signal which could be good for U.S. dollar traders headed into the weekend.
Price action is challenging that 100 hour moving average at 1.3156 with the two hundred (200) hour moving average just above at 1.3186. The next upside barrier comes into play at 1.32. The next layer of technical resistance lines up at the 4 November high price point at 1.33 with the current monthly high price point at 1.3370 then coming into focus.
On the downside, the first layer of technical support lines up at a former resistance layer at 1.3075. The next downside barrier then lines up at 1.3025 with the key downside barrier of 1.3075 coming into play next. The key psychological barrier at 1.30 then pops onto the radar with 1.2928 then coming into the picture.
