The USDCAD has potential to continue trading in a very narrow price range. The last week low 1.2677 remains now key pivot in determining the future USDCAD direction. On the upside the 1.2918 swing high should hold the upside and any rally above this level should quickly fade away unless we’re able to obtain a daily close above it. The stochastic indicator is slowly moving away from overbought territory which suggests that at least in the short term we can see first a retest of 1.2677 before a rally. A break and a close below last week low can open the downside and extend the current sell off all the way down to 1.2550.
In terms of risk events the Canadian economic calendar doesn’t have much to offer. But we have on Monday the Fed Chairwoman speech and on Wednesday we have the FOMC report which can give traders more clues into the latest Fed rate decision and how close we’re to see another rate hike in December.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 20th to 24th Nov 2017
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