If you would like to refer to previous weeks analysis, click here for past USDCAD weekly analsysis.
The USDCAD technical pattern looks like it’s losing the bullish momentum as rallies are quickly sold into and the magnitude of those rallies are getting smaller and smaller. The inability to even retest the big psychological number 1.3500 and the clear rejection of last weeks’ high 1.3465 is indicative that a much deeper correction is needed before to challenge again the 1.3500 level. The stochastic indicator is already in oversold conditions and showing bearish divergence while the first major support level only comes in at 1.3250 – 1.3200 zone. Minor intraday support comes in at 1.3350 level where USDCAD can find some difficulties.
The Canadian economic calendar looks very mild and the main driver should be the US Election and if Donald Trump wins the elections the US Dollar safe haven status can be challenged however if Hillary Clinton wins the US election the dollar can rally. However, it remains to be seen how much of the US Election fears are already priced in. On Friday BOC Governor Poloz is due to participate in a panel discussion at the 20th Annual Conference of the Central Bank of Chile in Santiago which can be the catalyst for some volatility in USDCAD.
USDCAD Weekly Forex Forecast – 7th to 11th Nov 2016 – BEARISH
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