The USDCAD made a strong move for the bullish case after it has successfully broke above the big psychological number 1.3000. We don’t have any major resistance close to the current price so only a sell off and a daily close below 1.3000 can give the bears another chance to take control of this market.
The stochastic indicator is already in overbought territory so early in the week we won’t be surprised to see the USDCAD take a step back and lose some of the previous gains. On the downside, a daily close below 1.3000 can open the door for a retest of 1.2800 our next significant support level. There are no major risk events coming out from the Canadian economic calendar but from the other side of the monetary policy spectrum we have the Fed interest rate decision which is expected to hike rates for the first time in 2018 from 1.50% up to 1.75%. Thursday we have the BOC Wilkins speech.
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USDCAD Weekly Forex Forecast – 19th to 23rd Mar 2018
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