USDCAD Weekly Forex Forecast – 18th to 22nd Dec 2017

The USDCAD range continues to remain intact. The price range is formed between resistance level 1.2916 and support level 1.2663. The middle of the range is at 1.2784 and as long as we trade above this level we can expect that last week rally to have more legs to the upside. For confirmation, we need a break and a daily close above 1.2916 which will open the door for a retest of the big psychological number 1.3000. The stochastic indicator is yet to reach overbought conditions which support more the bullish case rather than the bearish case. However, a break below 1.2784 can change the sentiment for the USDCAD. The Canadian economic calendar has some risk events that can affect the USD/CAD volatility. On Thursday we have the CPI inflation figure is expected to come at -0.7% versus 0.3% previous reading. On Friday we also have to keep an eye on the Canadian monthly GDP. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 18th to 22nd Dec 2017


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