The USDCAD bearish trend has finally managed to take a pause and we saw a retracement. Last week high 1.2390 now remains an important resistance level and while we trade below this level we should expect the bearish trend to continue resuming downwards. A break above 1.2390 will expose 1.2410 and more importantly the big round number 1.2500.
The stochastic indicator is moving away from overbought conditions and now the downside has more changes to prevail. The first level of support comes in at 1.2250 followed by current year low 1.2064. A break and a close below 1.2064 will open up the door for a retest of the big psychological number 1.2000.
The Canadian economic calendar only has one major risk event scheduled on Friday when we have the Canadian GDP figures. The Canadian economy grow rate beat market expectation by 0.3% during the last month. According to IMF the Canadian economy is expected to have the fastest growth rate among G7 countries.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 25th to 29th Sept 2017
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