Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark USD/CAD currency exchange rate, the U.S. dollar is trading sideways around 1.2477. The bears are taking a break after the USD/CAD fell sharply lower. This Forex market, on Monday, hit a new low price point since February 2018.
The U.S. dollar has also broken below falling trend line in play since last Tuesday. This trend line is an upside barrier on the above four hour MT 4 price chart.
As far as the economic calendar is concerned, the United States is releasing key headline and core monthly retail sales data. The U.S. is also publishing monthly housing data as well as industrial production numbers. The Eurozone is publishing monthly ZEW economic survey data as is Germany.
Euro area authorities are worried about the safety of the AstraZeneca coronavirus vaccine. AstraZeneca’s vaccine is being accused of producing blood clots.
Over the weekend, Irish and Dutch health authorities stopped distributing this Covid-19 vaccine. Norwegian authorities have also stopped vaccinations with AstraZeneca. Now Spain, Italy and France are halting distribution. Germany has as well.
The German health agency is reporting a number of blood clot cases possibly stemming from AstraZeneca’s vaccine. The United Kingdom and AstraZeneca maintain that this coronavirus vaccine is safe to use.
Daily U.S. Dollar Technical Analysis (USD/CAD)
Looking at price action, the U.S. dollar is above 1.2485 after breaking above a horizontal upside barrier in play since late February at 1.2575. The next upside barrier for the USD/CAD currency exchange rate lines up at 1.2740.
On the downside, there is a new multi-month low price point in play at 1.2440. The next layer of technical support lines up at the 21 January low price point at 1.2405.
Any break below the key layer of technical support lining up at 1.24 opens the door to challenge the February 2018 low price point at 1.2248.
