The USDCAD has taken a strong dip below the big psychological number 1.3000. Last week sell off hasn’t altered the bullish trend started since the beginning of the year. We’re still trading inside the previous consolidation zone with 1.2800 being the line in the sand. Only a daily break and close below 1.2800 can place the USDCAD at a risk of falling further towards our next important support level 1.2688.
On the upside we have intraday resistance level at 1.2950 followed by the big round number 1.3000. Above these two levels stands current swing high 1.3120. The stochastic indicator is already in oversold territory which might suggest that we can expect support to hold. The Canadian economic calendar doesn’t have much to offer in terms of risk events but from the other side of the monetary policy spectrum we have scheduled two major risk events on Wednesday: the US GDP figures and the PCE inflation figures.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 26th to 30th Mar 2018
Other Analysis Today