Forex Marketz Daily Forex News – Fully Markets Update
Looking at the USD/CAD currency exchange rate and above four (4) hour MT 4 chart, the U.S. dollar (USD) is trading above 1.3605 and challenging the top of a short term falling trend channel.
Canada has no economic data on the schedule today. The United States is publishing monthly core and headline consumer price index data during the North American trade session. FOMC monetary policy maker Brainard will also be delivering commentary. These events, out of the U.S., should spark U.S. dollar volatility.
The European Union will publish highly anticipated monthly German and Eurozone ZEW economic surveys. The Eurozone’s largest economy, Germany, will publish final consumer price index data as well as monthly industrial production data.
The United Kingdom will release their monthly gross domestic product (GDP) data. The U.K. is also publishing monthly manufacturing production data and monthly BRC retail sales data. The United Kingdome will also release their monthly trade balance.
Daily U.S. Dollar to Canadian Dollar Technical Analysis
Looking at the above USD/CAD price chart. While within that above mentioned falling trend channel, the U.S. dollar could still fall to challenge the downside barrier in play at 1.36.
The next downside barrier that lines up at 1.3540 would then come into play. The next area to come into focus is a downside congestion zone. This area is at the 22 May and 10 June low price points, at 1.3490 to 1.3485. The next layer of technical support to come into focus lines up at 1.3465.
On the flip side, the USD/CAD currency exchange rate notes the first upside barrier at the top of the falling channel in play at 1.3620. A daily close above this first upside barrier could then see a test of the technical resistance level in play at $1.3680.
The late June high price point lining up at $1.3715 would then come into focus. The next layer of technical resistance, in this scenario, lines up at 1.3770.
