The USDCAD has again failed to sustain any rally above 1.2800 key resistance level as any rally above has quickly faded away. However, USDCAD also failed to break below key support level 1.2663 which might suggest that we should expect further consolidation. The stochastic indicator doesn’t provide us with any evidence of oversold or overbought market so we need more price data to have a firm understanding of the next possible move. A break below 1.2663 will for sure open the downside to retest our next pivot level 1.2550 from where we can expect a reaction higher.
On the upside, only a break above last week high 1.2836 can suggest another attempt to break the swing high 1.2916. In terms of risk events, the Canadian economic calendar doesn’t have some big risk events. On Tuesday, traders should be aware of the BOC Governor Poloz speech on monetary policy. Then on Wednesday we have the OPEC meeting which has the potential to impact the USD/CAD exchange rate due to the correlation between the Canadian dollar and the price of oil. Friday, the Canadian GDP figures are the highlight of the day.
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USDCAD Weekly Forex Forecast – 27th Nov to 1st Dec 2017
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