USDCAD Weekly Forex Forecast – 17th to 21st July 2017
The USDCAD has broken to new yearly lows reaching a 14-months low after the BOC decided to raise the benchmark interest rate from a historic low level of 0.5% by a quarter of a point. The sell-off has already reached extreme oversold conditions in multiple time frames and sooner rather than later we’re going to have a retracement. The stochastic indicator is already in oversold conditions on the 4h chart suggesting that a pull back in the coming week is very likely.
The USDCAD technical pattern suggests support at last week low 1.2648 but we also have intraday support at 1.2600. A daily close below these level can suggest that the downside is not yet over and we might see the bearish trend extending to 1.2500 near the 2016 low. On the upside the first level of resistance only comes in at 1.2850. The Canadian economic calendar is striped out from any major risk event that can cause a jump in the market volatility.
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