USDCAD Weekly Forex Forecast – 15th to 19th May 2017
The USDCAD bullish trend looks mature and there is no sign of reversal anytime soon. Only a break and a daily close below support level 1.3630 can open up the door for a much significant retracement. The big support level comes at 1.3500 psychological number. On the upside, we need a break of the current 1.3790 resistance level in order for the bullish trend to have enough traction to resume itself.
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The stochastic indicator is in oversold territory on multiple time frames and this is another encouraging sign for the bullish case. However, until we don’t have a clear breakout on either side of the market more range should be expected.
The Canadian economic calendar looks mild and, other than the CPI inflation figures scheduled on Friday there are no other major risk events. However, the developments in the energy sector can hinder on the Canadian dollar exchange rates so traders should pay attention to the volatility in the Oil market.
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