USDCAD Weekly Forex Forecast – 7th to 11th Aug 2017
The USDCAD has taken a big retracement after a very persistent bearish trend. The price structure still looks corrective in nature, so obviously it’s wise to expect a resumption of the downtrend. Last week high at 1.2750 should act now as the first level of resistance but a break above can send USDCAD into a bigger retracement and see 1.2850. The stochastic indicator is pointing down so naturally this favors the bears. We still need a daily break and close below 1.2655 and then later a break below 1.2570 to really signal that the pullback is over. The big psychological number 1.2500 is another level of interest that can act as support.
The Canadian economic calendar has only one major risk even on Friday when the CPI inflation figures are scheduled to be released. However, from the other side of the momentary policy spectrum, we have the FOMC minutes coming this Wednesday, which should define what the next dollar move should be.
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