The USDCAD technical pattern remains inside a bullish sequence on the bigger time frame and last week’s rally is constructive for the bullish case, however the move was too fast and as the stochastic indicator suggest we can expect a pause in the trend. The trading volume in the upcoming week is expected to be very low due to the holiday season thus it’s wise to expect tight ranges.
Last week high at 1.3416 is expected to hold as resistance and we can expect to find support in the 1.3260 – 1.3200 region. At 1.3375 we also have the 200 EMA which can act as resistance. A break and a daily close below 1.3200 will open up the door for a full retest of the 1.3100.
There are no major risk event on the economic calendar so, the only threat towards the FX volatility can come from the low level of liquidity that can be the catalyst for sudden spikes in the USDCAD exchange rate. The Canadian GDP figures are scheduled on Friday and it’s unlikely to have a major impact on the CAD volatility.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 19th to 23rd Dec 2016 – Bearish
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today