The USDCAD seems trapped in a very narrow trading range between 1.2920 resistance level and support level 1.2815. We can expect first a false breakout one way or the other before some real trend development to be seen in the other direction of the breakout. However the most probable trading scenario for the time being is a further range to be seen. A break below support level 1.2815 will open up the door for a retest of the next important support 1.2745.
On the other side a break and a daily close above resistance level 1.2920 will put on the spot the big psychological number 1.3000 which can be challenged again. The stochastic indicator is in neutral territory and there are no extreme reading conditions in the market, which supports the idea of more consolidation until the market either gets oversold or overbought. The Canadian economic calendar only has one major risk event that can disrupt the market volatility. Friday the Canadian unemployment figures are scheduled to be released and a flat reading is expected by the market.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 7th to 11th May 2018
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