Forex Marketz Daily Forex News – Fully Markets Update
Looking at the US dollar (USD) on the above USD/CAD hourly MT price action chart, the greenback cannot catch a break and break out of the doldrums against the Canadian dollar (CAD).
The US dollar has retreated from the two hundred hour simple moving average (SMA) and is trading around 1.2817 during the Asian trade session on Wednesday. Volume across the Forex world remains light as we head into the final two days of 2020.
The economic calendar remains light with the United States publishing flash monthly Chicago purchasing managers’ indices (PMI). Spain will release their monthly flash consumer price index.
The Canadian dollar is finding some commodity support against the US dollar as the West Texas Intermediate (WTI) crude oil contract is flirting with $48 per barrel. Canada has exposure to oil prices and their currency usually follows the price of the black gold.
On the political front, in the United States, the US Senate has blocked the passage of the $2,000 payment to American households.
Daily US Dollar Technical Analysis (USD/CAD)
Looking at price action on the above MT 4 chart, the USD/CAD currency exchange rate is finding resistance at the 200 hour simple moving average. This upside barrier lines up at 1.2825. Also on the upside is the one hundred (100) simple hourly moving average and falling rend line.
The MACD histogram is also starting to recede from a bullish to bearish price trend signal keeping the dollar bears happy for now. On the downside, the USD/CAD Forex market could challenge, once again, 1.2790.
A daily close below this layer of technical support opens the door to challenge 1.28. The next downside barrier is at 1.2790 with the monthly low price point coming up next at 1.2688.
On the upside, immediate resistance lines up at 1.2825. The next layer of resistance lines up at the 100 hour SMA. This layer of resistance lines up at 1.2850/1.
