The USDCAD is holding above the big psychological number 1.2500 and as long as we’re trading above this figure we can see an actual reversal. However, there is still a danger that current intraday support level 1.2570 can be broken to challenge the big figure 1.2500. On the upside, the first area of interest comes at intraday resistance level 1.2625 but more importantly we have the resistance level 1.2688.
The stochastic indicator is rapidly approaching the overbought territory which can support the idea of one more low to be in the cards. The Canadian economic calendar has big risk events scheduled for the upcoming week. On Wednesday the BOC is prepared to announce its interest rate decision and then later during the day the BOC Governor Poloz is expected to hold a press conference. Friday we have the CPI inflation figures which is forecasted to come steady at 1.5%. Another piece of risk event is the IMF meeting.
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USDCAD Weekly Forex Forecast – 16th to 20th April 2018
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