The USDCAD managed to break and close below the big psychological number 1.3000, which signals a shift in the market sentiment. We should now expect more downside, but we still see the bulls not giving up the fight so easily. A retest of the big round number 1.3000 can still be in the cards, before more downside to be seen. Only a break and a close back above 1.3000 will suggest that the bulls are back in control. The Stochastic indicator has slightly entered in overbought territory but there is no extreme reading yet. On the downside previous week low 1.2890 is a good support level.
We need a daily close below 1.2890 if we want the bearish momentum to accelerate. Below that we can note 1.2730 as the next major support level. The ongoing NAFTA negotiation between the US and Canada remains a risk theme that can disrupt the market volatility. So, traders should keep an eye on the news headlines for any new developments on NAFTA talks. Other than that we can mention the BOC Governor Poloz speech scheduled on Friday.
Previous USDCAD Weekly Forex Forecast
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