The USDCAD is in the process of establishing a bearish flag formation which warns that the downside might not be over yet. Any rally above resistance level 1.3417 and into the upward channel border should fade away for another attempt to try and challenge the current low 1.3280. A break below the lows will open up the door for a possible retest of the 1.3212. The stochastic indicator is neither in oversold or overbought territory which can indicate that we should expect more ranging activity until we reach one extreme or the other. Tuesday the BOC Governor Poloz is due to hold a press conference. Wednesday we have the US Crude Oil Inventories which tend to have an impact on the Canadian dollar due to the negative relationship between the Oil prices and the USDCAD exchange rate. Friday the Canadian GDP figures are expected to come flat at 0.3%. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 20th to 24th March 2017