USDCAD Weekly Forex Forecast – 12th to 16th Mar 2018
The USD/CAD has found resistance at the big psychological number 1.3000. The inability to sustain any rally above the big round number suggests that the current rally has run out of gas and now we can expect to see a retracement or at least to consolidate in the near future. On the downside, we have the first level of interest at the intraday support 1.2760. A break and a daily close will open the door for a retest of the 1.2688 a more significant level that can produce a reaction higher.
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The stochastic indicator is already in oversold territory which suggests that early in the week we can see an intraday rally before the current retracement to resume.
We only have one significant risk event scheduled on the Canadian economic calendar. The BOC Governor Poloz is scheduled to deliver a speech with the title “Today’s Labour Market and the Future of Work” at the Queen’s University, in Kingston.
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