The USDCAD has continued to sustain the rally above the big psychological number 1.2500 which suggests that we can see more legs to the upside. There is also a big change that we’re currently in the process of establishing a much wider trading range. Last week high 1.2752 should hold for now any rally but a daily close above can open the door for a retest of the 1.2800 resistance level.
On the downside we have our key support level 1.2550 and possibly the bottom of the current trading range. A retest of this level should provide us with a reaction higher. The stochastic indicator is in neutral territory not showing any signs of extreme behavior in the market which support the case for more consolidation moving forward. The Canadian economic calendar doesn’t have anything to offer us in terms of risk events that can disrupt the market volatility. Traders need to expect a more technical driven market with this currency pair.
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USDCAD Weekly Forex Forecast – 26th Feb to 2nd Mar 2018
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