USDCAD Weekly Forex Forecast – 11th to 15th Sept 2017
The USDCAD sell off has not disappointed as the bearish trend continued to extend further lower. However the sell-off was overextended and we found support in the vicinity of the big psychological number 1.2000 which remains the logical next hurdle for the bears. Last week low 1.2061 remains the key support level for the future price action.
The stochastic indicator is already in oversold territory and we suspect that a reset is needed before further downside movement to be seen. On the upside the next important level is 1.2180 intraday resistance followed by 1.2300. We need to remain below 1.2300 on a daily closing basis in order for the bearish trend to remain intact. The Canadian economic calendar won’t bring any risk event so we can expect that the main driver behind the USDCAD exchange rate to be the interest rate speculation.
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