USDCAD Weekly Forex Forecast – 17th to 21st Dec 2018
The USDCAD has filled in some of the previous week price range but no decisive break has been made. As the holiday trading conditions settle in, we should expect current trading ranges to persist as trading activity and volume often goes down during this time of the year. On the downside, the first level of support is the 1.3250 level, which also align with the key 200 moving average. A break and a daily close below 1.3250 will open the door for a possible retest of the support level 1.3080.
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The stochastic indicator is in neutral territory and doesn’t show any signs of extreme reading in the market. On the upside, the first level of resistance is the 1.3445 level were the bears can show up again. The CPI inflation figure is the only notable risk events scheduled on the Canadian economic calendar. Other, notable risk events is the Retail Sales followed by the monthly GDP data scheduled on Friday which should give further clarity to the price action. However, from the other side of the monetary policy spectrum we have the Fed interest rate decision which is expected to raise interest rate to 2.50% versus 2.25%
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