The USDCAD was unable to close above the 1.3500 big psychological number which can be the signal that we’re in the process of correcting the cycle from January low. Based on the Elliott Wave theory, we have completed a 5 wave sequence to the upside which needs to be followed by at least 3 wave pullback. Early in the week, we can see USDCAD to challenge the previous week high before retesting 1.3350 support levels. A break and a close below this level will open up the door for a retest of the support level 1.3212.
The stochastic indicator is already in oversold territory which favors our view of an earlier retest of the previous week high or at least a period of consolidation before any real move to happen. The Canadian economic calendar looks mild but there are plenty of proxy risk events that can alter the USDCAD volatility. The Fed rate decision is the biggest risk event coupled with the US debt ceiling. Recent developments in the energy sector can posses a threat to the Canadian Dollar exchange rates.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast -13th to 17th March 2017
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