The USDCAD had an impressive rally but is an unsustained rally as the big picture trend is still bearish. Last week high 1.2916 is expected now to hold any upside move and any rally above it should quickly fade away. The stochastic indicator is in deep overbought conditions so it’s wise to expect a sell-off early in the week. On the downside we have the intraday support level 1.2800 but, more importantly we have the more significant 1.2663 level.
In terms of risk events the Canadian economic calendar will bring the monthly GDP figures on Tuesday. The Unemployment rate and the labor statistic figures are on the docket on the last day of the week. On Friday we also have the NFP report which is obviously a big risk event that can generate lots of volatility. The NFP figures are expected to see a big jump to 300k new jobs added while the unemployment rate is expected to come flat at 4.2%.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
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