Previous USDCAD Weekly Forex Forecast
The USDCAD exchange rate has a strong fundamental driver to continue to appreciate. The US presidential election has set the tone for the Canadian Dollar to depreciate in the medium-term as Trump’s protectionist policies will hurt the Canadian economy. The USDCAD has managed to close above the psychological figure 1.3500 and the first major resistance comes at 1.3635. To the downside the first major support level is at 1.3465 but the stochastic indicator suggests any sell-off should be limited both in time and price.
The USDCAD bullish technical pattern is encouraging and we can project a final target of 1.3740 for the upcoming week. The first major risk event is the Governor Poloz’s speech on Monday which most likely will address the impact of the USA election on the CAD exchange rates. Later in the week, on Friday the Canadian CPI inflation figures are scheduled to be released and due to the sell-off in the energy sector, we can expect lower figures which can be bullish for USDCAD.
USDCAD Weekly Forex Forecast – 14th to 18th Nov 2016 – BULLISH
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