The USDCAD rallied strongly last week and it threatens the current bearish trend. However, as long as we trade and stay below the 1.2800 round numbers on a daily closing basis the bearish trend can still be intact. But a break and a daily close above 1.2800 will open the door for a retest of the big psychological number 1.3000. On the downside, the first level of interest comes at 1.2688 followed by 1.2570.
The stochastic indicator is already in oversold conditions which might suggest that the current rally can slow down at least during the first day of the week before the next move can happen. The Canadian economic calendar we only have some light news events. On Monday the BOC Governor Poloz is due to testify along with Senior Deputy Governor Carolyn Wilkins before the House of Commons Standing Committee on Finance, in Ottawa.
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USDCAD Weekly Forex Forecast – 23rd to 27th April 2018
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