USDCAD Weekly Forex Forecast – 21st to 25th May 2018
The USDCAD has entered back inside the previous trading range. The 1.2920 continues to cap the upside, but the line in the sand remains the big psychological number 1.3000. As long as we trade below 1.3000 the downside should prevail, but first we need to wait and see how the next attempt to break above 1.3000 goes. If the bears start showing up then we can see the support level 1.2745 being challenged again.
The stochastic indicator is already in overbought territory, so any rally should be short lived from here on. The first intraday support level only comes at 1.2815 where the bears can face some trouble. There are no major risk events on the Canadian economic calendar; however, we have some proxy risk events. Monday is the OPEC meeting and due to the correlation between the crude Oil prices and the Canadian dollar we can expect some volatility. Also Wednesday we have the FOMC minutes which will bring further clarity on the Fed’s monetary policy stance.
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