After a deep retracement the USDCAD is now resuming the big picture downtrend. However, as long as we’re trading above the big psychological number 1.2500 there is a risk for the current retracement to have another attempt to retest last week high 1.2870. A break and a daily close above last week’s high will expose 1.2850 next key resistance levels. On the downside a break below 1.2500 will open the door for a retest of the 1.2410 support level. The stochastic indicator is already in oversold territory and we might have to wait before any real bearish momentum to be seen.
The Canadian economic calendar doesn’t have much to offer in terms of risk events other than the Retail Sales scheduled on Tuesday. However, we have the US Durable Goods Orders on Friday which can act as a proxy-risk event for the US dollar. The BOC Governor Poloz is also expected to attend the Jackson Hole Symposium and his comments will for sure give more clarity to the USD/CAD exchange rate.
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USDCAD Weekly Forex Forecast – 21st to 25th Aug 2017
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