The USDCAD technical pattern has been trapped in a very tight ranging market for three consecutive weeks. The big psychological number 1.3500 remains the upper border of current range followed by 1.3545 intraday resistance while to the downside we have the 1.3386 acting as the lower border followed by 1.3338 support level. The stochastic indicator is in oversold territory already so early in the week we can expect the current range to persist. Only a daily break and close on either side of the market will confirm a new trend development. The Canadian economic calendar is empty, but on Wednesday we have the Fed interest rate decision followed by Fed Chairman Yellen press conference. The market consensus is for the Fed to hike rates which should be positive for the greenback. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 12th to 16th June 2017