The USDCAD continues to trade on a weekly closing basis the big psychological number 1.3000. As long as we trade above the big round number we have a strong case for the bullish trend. We can note also the intraday support level 1.3065 but there is a big chance for the 1.3000 level to be seen again before the bulls will show up again. Only a daily break and close below 1.3000 can at least in the short-term open the door for a retest of the support level 1.2915.
On the upside, last week high 1.3175 is our first resistance level of interest, but more importantly, we have the resistance level 1.3220 followed by the double top 1.3381. The stochastic indicator is in neutral territory and it doesn’t show any extreme reading.
There are no major risk events scheduled on the Canadian economic calendar other than the Retail Sales figures. However, BOC governor Poloz is due to participate in a panel discussion at the Federal Reserve Bank of Kansas City Symposium, in Jackson Hole.
Previous USDCAD Weekly Forex Forecast
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