The USDCAD has broken to new yearly highs after it successfully broke above the previous swing high 1.3124. This is a clear bullish sign, but the market needs to take its breath after the recent explosive rally. The next major resistance level comes at 1.3250 were the USDCAD can find some sellers. Only a daily close above 1.3250 can open the door for more gains. However, sooner rather than later we should see some retracement or at least some type of consolidation. The stochastic indicator has reached extreme overbought readings which suggest the current rally should slow down.
On the downside, the previous swing high 1.3124 followed by the top of the previous consolidation 1.3065 should act as support levels. As long as we trade above the big psychological number 1.3000 the bullish trend should remain intact. The Canadian economic calendar will bring the CPI inflation figures in terms of high risk events. The OPEC meeting should also act as a catalyst because of the tight correlation between Crude Oil prices and the Canadian Dollar.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 18th to 22nd June 2018
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