Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline USD/CAD Forex market and above week MT 4 chart, the almighty U.S. dollar (USD) is falling towards 1.33 against the Canadian dollar (CAD). The USD/CAD currency exchange rate appears to be on track for its fifth week in a row of losses.
There are some high impact events on today’s economic calendar. The world’s largest economy, the United States, will publish their monthly core and headline consumer price index (CPI) numbers. The United Kingdom is releasing key economic growth numbers today.
The U.K. will publish their monthly gross domestic product (GDP) data as well as preliminary quarterly gross domestic product (GDP). Britain is also releasing monthly industrial production, manufacturing numbers and their monthly goods trade balance.
The European Union us releasing their monthly industrial production data and Canada has no economic data scheduled for release today.
Daily U.S. Dollar to Canadian Dollar Technical Analysis
Looking at the above price action chart the U.S. dollar is still on the defensive against the Canadian dollar. Traders should note the bearish trend signal with the MACD histogram which supports more losses are possibly ahead for this currency exchange rate. There is also the 200 week moving average and multi-month rising trend line in play.
There is key technical support coming into play at a congestion zone. This area lines up at 1.3175 to 1.3170. This area is made up of last month low price point and the lowest price point seen back in February.
The next downside layer of support comes into play at 1.2950. Forex traders, however, should note that the key 1.30 level could act as a tough layer of support to break.
On the flip side, the first upside barrier to note lines up at the March high price point in play at 1.3430. A daily and sustained close above this level opens the door to challenge the late June high price lining up at 1.3715.
