The USDCAD technical pattern has made a strong stance on the bearish case after breaking downside through multiple important support levels. The risk now remains to the downside for further continuation. This is a strong bearish trend development that can send USDCAD below the big psychological number 1.3000.
The stochastic indicator has already started to move to the downside from overbought territory suggesting any rally should be limited both in time and price. The first level of resistance only comes in the 1.3300 – 1.33400 zone from where price can reverse to the downside. On the downside, the obvious first level of support is the last week low at 1.3164 followed by the big round number 1.3000.
The Canadian economic calendar will bring only some minor risk events. On Thursday we have the Canadian Retail Sales which have fallen to -0.2% due to lower energy prices. On Friday the CPI inflation figures have missed the market expectation for two consecutive months posting only a 0.4% increase.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 19th to 23rd June 2017
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