The USD/CAD has managed to break above the 1.3150 key resistance level which encourages for more bullish momentum. The Stochastic indicator is also making higher highs in momentum which is supporting our case for a bullish run. Now, the 1.3150 previously resistance level has turned in new support level that should see a retest earlier in the week before more upside to be seen. On the upside, the first level of resistance comes at 1.3254 which is the upper limit of the summer range.
A break above 1.3254 has a high probability to happen and this will threaten a much deeper retracement into the sell-off started since the beginning of the year. The 50% Fibonacci Retracement levels of the 1.46890 sell-off comes at 1.3572 which can be seen by the end of the year.
Major risk events that can have a big impact on USD/CAD exchange rates are the Fed rate decision, but before that, on Tuesday the BOC Governor Poloz is due to speak at the Chartered Financial Analysts Society, in Quebec.
USDCAD Weekly Forex Forecast – 19th to 23rd Sept 2016 – BULLISH
USDCAD is in a nice uptrend at the moment and price momentum is pointing upwards. It’s approaching resistance soon so the better approach might be to wait for some kind of breakout or buy near support. Stochastics is also not quite into overbought territory yet which might provide us a small hint of further upside. Time will tell… let’s see what happens….
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