The USDCAD technical pattern is trapped in a very precise trading range, but the prevailing trend remains strongly bearish and in this case we’re more prone to break to the downside. The first level of resistance comes at previous week high 1.3347 and any rallies above this level should quickly fade away. The major support level remains 1.3167 while a break below will expose the 1.3000 big psychological number.
The stochastic
during the first day of the week. The Canadian economic calendar looks mild with no particular risk event scheduled so we should expect USDCAD to be technically driven.
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