The USDCAD technical pattern remains in a bearish sequence. As long as we’re trading below the major trendline that connects the highs starting from the end of the last year the bearish case remains in place. First days of the new week can see USDCAD bouncing and retest the trendline and 1.3170 resistance level before to resume to the downside. Ultimately, we need a break and a close below the big psychological number 1.3000 for the bearish momentum to accelerate.
Once we break below the last swing low 1.2968 it’s possible to see bounces if we don’t manage to post a daily close below these figures otherwise we can see a retest of the daily support level 1.2840. The Canadian economic calendar doesn’t have anything to offer in terms of risk events and in this regard, we can expect a slow price action.
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USDCAD Weekly Forex Forecast – 13th to 17th Feb 2017 – Bullish
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