USDCAD Weekly Forex Forecast - 28th Aug to 1st Sept 2017

USDCAD Weekly Forex Forecast – 28th Aug to 1st Sept 2017

USDCAD Weekly Forex Forecast – 28th Aug to 1st Sept 2017

The USDCAD continued to drift lower in a very slow market and a tight range. The weekly break and close below the big psychological number is very bearish and now there is a possibility to take the current year low of 1.2410. A break and a daily close below can open up the door for more downside pressure and a retest of next important support level 1.2300.

However, as long as we stay above 1.2410, we can still see a bounce early in the week since the stochastic indicator is in an oversold condition. The first level of resistance is obviously 1.2500 followed by 1.2570. A daily break and close above can open up the door for a deeper retracement towards 1.2750.The only notable risk event on the Canadian economic calendar is the second quarter GDP reading which is on track to hit 3.7% annualized rate.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 28th Aug to 1st Sept 2017


Claim Your $60 No Deposit Bonus Here

All you need is to have your live account verified!
Of course, you need to open a live account...

2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!

Broker #1

Broker #2

We use both of these brokers and proudly promote them!

NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.

Other Analysis Today
Learn and SHARE the Knowledge!
Click Here to Leave a Comment Below 0 comments
Do NOT follow this link or you will be banned from the site!

The AllPips Trend Indicator

Trading is simple when the Trend is Your Friend.
Enter Your Details Below to Download FREE Now.

envelope-o
long-arrow-down