The USD/CAD technical pattern is indecisive as neither the bulls nor the bears have the control while we’re trading inside this very wide range between 1.3200 major resistance and 1.2630 swing low. The big psychological number 1.3000 is the critical level within the range and can act as both support and resistance at the same time. Only a break above the 1.3150 resistance level will threaten a deeper rally, but while we stay below that level, we should see a pullback and a retest of the 1.2900 support.
The Canadian economic calendar looks very light and there is nothing on the docket that can disrupt the volatility, except the Canadian Manufacturing Sales scheduled on Friday which is expected to have a soft reading down from 0.8% to 0.6% which can be positive for USD/CAD.
USDCAD Weekly Forex Forecast – 12th to 16th Sept 2016
– NEUTRAL to BULLISH
Sentiment seems negative as USDCAD nose dived on Friday but almost every time some falls with such rapid speed will find its footing and turnaround soon. A quick look at Stochastic shows oversold level and it might seem that the drop might run out of gas soon. At the moment, it looks like it might drop a little further and will test major support soon and with Stochastic already into oversold zone, it does look like suppor will just hold. Expect a bounce soon…
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