USDCAD Weekly Forex Forecast – 12th to 16th Feb 2018
The USDCAD has retraced some of the previous losses and now is challenging the upside. As long as we remain and trade above the big psychological number 1.2500 we can expect the current bullish run to have more legs to the upside but not before to see another attempt to break lower. On the downside, the first level of support comes at 1.2550 followed by the big round number 1.2500. Only a break below 1.2500 will open the door for more bearish momentum.
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The stochastic indicator is already moving away from overbought conditions so in this regard we can see another attempt to retest last week high at 1.2682 before any kind of retracement can be seen. The Canadian economic calendar will not bring any major risk events. On Monday we have the Family Day holiday and on Thursday the BOC member Schembri is due to hold a speech.
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