USDCAD Weekly Forex Forecast – 16th to 20th July 2018
The USDCAD support level 1.3065 has been proven to be a hard level to be taken out. The bears really need a daily break and close below this figure, but more importantly a close below the big round number 1.3000 will be a more powerful bearish signal. On the upside, the intraday resistance level 1.3220 is a level to keep an eye on. A break and a close above 1.3220 will immediately open up the door for a retest of the 1.3310 and possibly the double top at 1.3381 to be challenged again.
The stochastic indicator is in oversold territory for quite some time, so the best case scenario is for a reaction lower from the intraday resistance level 1.3220. The Canadian economic calendar has some few notable risk events that can drive the volatility higher. On Friday, traders need to pay attention to the CPPI inflation data. The Trump-Putin meeting schedule on Monday can also generate some headlines that can disrupt the market volatility. Fed Chair Powell is also Due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee on Wednesday.
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