USDCAD Weekly Forex Forecast – 13th to 17th Nov 2017
The USDCAD has potential to continue resuming the big picture bearish trend as long as we trade below 1.2800 an important pivot point. Last week high is also near our important pivot point and should provide further confluence. However, a break and a close above the 1.2820 can signal that we’re entering in an extended period of ranging activity. On the downside, the last week low 1.2663 remains our first level of support and since based on the stochastic indicator we’re already in oversold territory we can expect early in the week an attempt to fill in last week price range. A break below 1.2663 and a daily close will open the downside for a retest of 1.2550 followed by the big psychological level 1.2500.
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In terms of risk events the Canadian economic calendar has nothing to offer other than the CPI inflation figures scheduled on Friday. However, from the other side of the monetary policy spectrum on Tuesday we have Janet Yellen which is due to speak at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.
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