USDCAD Weekly Forex Forecast – 19th to 23rd Nov 2018
The USDCAD has given back some of the previous gains but as long as we trade above the key psychological number 1.3000 the bullish trend should remain intact. However, the bulls need to challenge again the resistance level 1.3225. But, only a daily break and close above last week high 1.3264 can signal more strength ahead. Until then we should expect more ranging activity between last week high and the previous support level 1.3085. The stochastic indicator is already showing an extreme oversold reading, which suggests that a bounce is in the cards.
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Only a break below the big round number 1.3000 can signal a shift in the trend direction but we also need to break the key 200 moving average. The Canadian economic calendar has scheduled some risk events that can disrupt the market volatility. On Tuesday, the BOC policy member Wilkins is due to speak at the Max Bell School of Public Policy, in Montreal. But the big risk event is the CPI inflation figures scheduled to be released on Friday.
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