Major support for the US dollar is the $79.00 zone
US Dollar Index Weekly Chart courtesy of stockcharts.com
The US dollar is the reserve currency and has a major impact on other markets. The inverse relationship to the price of commodities is relevant to the Canadian market. Commodities are priced in US dollars so commodity traders demand more US dollars as it declines relevant to other currencies.
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Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.