USDCAD Weekly Forex Forecast – 10th to 14th Dec 2018
The USD/CAD bullish trend continues to remain intact as we continue to make higher highs followed by a series of new higher lows. Early in the week we should expect the bulls to try to fill in the previous week trading range. On the upside, the last week high 1.3447 is the first level the bulls need to overtake. A break above 1.3447 should put into focus the big psychological number 1.3500.
The stochastic indicator is already in oversold territory and we should expect the bulls to have the upper hand early in the week. However, a fail to fill in the previous’ week trading range by the time the stochastic indicator has reset, should produce another reaction lower.
There are no major risks events scheduled on the Canadian economic calendar that can disrupt the market volatility. In this regard, we should expect a more technical driven market.
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