The USDCAD continues to climb higher and higher alongside with the US Dollar which hit fresh 13-year high. The Canadian Dollar seems to be one of the major currencies that is going to lose more ground due to Trump winning the elections. The Canadian economy looks to be hit if new trade policy is going to be implemented under Trump presidency thus the general Canadian Dollar negative sentiment should prevail.
On a technical side, we manage once again to break and close above the big 1.3500 psychological number. This is very encouraging for the bulls which now can expect to see a retest of the 1.3800 and next 1.3900 resistance levels. However, since the Stochastic indicator is in overbought territory we can possibly see another retest of 1.3400 support level to allow the Stochastic indicator to reset.
There are no major risk events which can disrupt the market volatility and in this regard, we should look more for a technically driven market. But at the same time, Oil prices can also have an impact on the USDCAD exchange rates, so traders need to pay attention to Oil prices for more clues.
USDCAD Weekly Forex Forecast – 21st to 25th Nov 2016 – BULLISH
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