The USDCAD is trading above the yearly opening price and has made a new higher high which makes the case for a strong bullish trend. However, in order for the bulls to take control of this market we really need a break and a daily close above the big psychological number 1.3000. As long as we trade below 1.3000 we can’t rule out the possibility for USDCAD to have another attempt to retest support level 1.2630.
But since the stochastic indicator is already in oversold territory and a crossover happened we need to see the 1.2630 retest happening quickly otherwise we might just move upwards from here on. On the upside, the first level or resistance is the 1.2915 level which has been tested multiple times in the past. Secondly, we have the big round number 1.3000 followed by the current year high 1.3125. A break above 1.3125 will open up the door for more upside but before that we can also see a pause in the trend. The BOC has another reason to hold interest rate on hold due to the growing trade uncertainty regarding the NAFTA. This will keep the pressure on the Canadian Dollar in the coming month.
Previous USDJPY Monthly and Weekly Forex Forecast
USDCAD Monthly Forex Forecast for April 2018
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