The USDCAD continues to trade above the key psychological number 1.3000. However, the weak close above it suggests that we may see a false breakout below it next week. Only a daily break and close below 1.3000 will shift the sentiment more to the downside. A break below can open the door for a retest of the next important support level 1.2920.
The stochastic indicator is in neutral territory, but it’s moving away from overbought conditions which may favor the bulls in the short-term. On the upside, the first level of resistance comes at 1.3070 followed by intraday resistance level 1.3174. The Canadian economic calendar looks striped away from major risk events that can disrupt the market volatility. However, we can note the monthly GDP figures which have a moderate impact. Based on the market consensus the Canadian economy is expected to grow at a slower pace of only 0.2% compared to 0.5% previous reading.
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