The USDCAD is having a hard time breaking below the big psychological number 1.3000 which indicates more ranging activity as long as we trade between 1.3030 support and 1.3212 resistance levels. Once any of these two levels are broken we can expect some trend developments, but until then the most probable scenario is for a rally and a retest of 1.3200 that should quickly fade and see USDCAD returning back inside its price range.
We can note a bullish divergence between the USDCAD price and the stochastic indicator which is why we favor more upside in the short-term. However, a daily break above 1.3212 will open up the door for a retest of the 1.3385 swing high. We have a low level of activity in terms of risk events that can disrupt the USDCAD volatility. Friday, however, traders need to pay attention to the Canadian CPI inflation figures which based on the market expectation are expected to jump higher from -0.2% to 0.3%. The jump in inflation expectation is due to the rise in price in the energy sector.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 20th to 24th Feb 2017 – Bullish
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