USDCAD Weekly Forex Forecast – 23rd to 27th July 2018
The USDCAD has finished the week on a negative note after it had an unsuccessful attempt to break above the intraday resistance level 1.3220. Only a daily break and close above 1.3220 but more importantly above last week high 1.3287 can suggest that the bulls will try again to break above the double top established at resistance level 1.3381.
On the downside the first level of support comes at 1.3065 but the line in the sand remains the big round number 1.3000. However, with the stochastic indicator already in oversold territory we can expect these levels to provide a decent support. There are no risk events scheduled on the Canadian economic calendar so we should expect the USDCAD to be more sensitive to the technical levels.
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