The USDCAD rally continued to extend breaking above multiple key resistance levels. In the short-term, we can see last week high being challenged again so a break above 1.3382 can’t be ruled out. We expect the breakout to fail around the 1.3400 level and we can even possibly see last week’s price range to be filled in if the broad based dollar weakness hit the markets. A daily break and close below Friday’s low 1.3259 can put in motion that bearish scenario. The stochastic indicator already had a reset and now it’s in neutral territory, so we still need to see it reaching again overbought levels before the downside momentum can be seen. On the downside, below support level 1.3250 we have last week low 1.3157 but more importantly, we have the 1.3065 followed by support level 1.3000 as the line in the sand between the bulls and the bears. The Canadian economic calendar doesn’t have many risk events scheduled other than the BOC Governor speech which is due to deliver a speech titled "Let Me Be Clear: From Transparency to Trust and Understanding" at the Greater Victoria Chamber of Commerce, in British Columbia. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 25th to 29th June 2018