USDCAD Weekly Forex Forecast – 14th to 18th 2019
The USDCAD sell off has extended to the downside signaling that we’re in the process to establish a major swing high at the 1.3661 level. Despite the extreme sell off the stochastic indicator isn’t showing any signs of oversold conditions in the market. In this type of environment we should expect any rally to be quickly sold off. On the upside, the first level of interest is the resistance level 1.3257 followed by the pivot point 1.3390.
On the downside, the first support level comes at 1.3140 levels where we should expect the bulls to show up and try to regain control of this market. A daily break and close below this level will open the door for a retest of the big round number 1.3000. There is no major risk events scheduled on the Canadian economic calendar other than the CPI inflation figures scheduled by the end of the week. In this regard, we should expect the USDCAD to be more sensitive to the technical levels.
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