USDCAD Weekly Forex Forecast – 1st to 5th Oct 2018
The USDCAD managed to break below the big round number 1.3000 and posted a strong weekly close. Even though the USD/CAD exchange rate is moving back and forth in a very wide trading range, we can note that inside this trading range Loonie is making consecutive lower lows followed by lower highs, which is the basic definition of a bearish trend. However, if we manage to break and post a daily close above the big psychological number 1.3000 we can see another attempt to break above the key resistance level 1.3070.
The stochastic indicator is already in oversold territory, so the bulls will show how strong they are if they manage to post a strong rally from here. If the bullish momentum fails to gain traction, then we can expect the double bottom established at 1.2890 to be challenged again. There are no risk events until later in the week when we have the Canadian Unemployment rate. At the same time we also have the NFP report which probably is going to have a bigger impact on the USD/CAD exchange rate.
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