The USDCAD strong rally looks corrective in nature and the fact that we couldn’t close above the big psychological number 1.3500 can be a negative sign for the bulls. We’re also trading below 1.3533 March’s high and only a daily close above it can really signal a shift in the trend. Below the current market price, we have the 1.3450 followed by 1.3417 acting as intraday support levels.
The stochastic indicator is already in extreme overbought conditions and a pullback should happen sooner rather than later. If the sellers gain traction we can even see 1.3340 support level retested. The Canadian economic calendar will bring on Wednesday the Retail Sales figures followed by US Crude Oil Inventories. Thursday we have as a proxy risk event the US Core Durable Goods while Friday will bring Canada’s monthly GDP figure.
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USDCAD Weekly Forex Forecast – 24th to 28th April 2017
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