USDCAD Weekly Forex Forecast – 28th Jan to 1st Feb 2019
The USDCAD finished the previous week on a negative tone despite having a strong start of the week. The bearish momentum looks strong so we might see an attempt to break below the previous swing low established at 1.3182 levels. But, right below it, we have our key support level 1.3140 from where the bulls can show up again. The stochastic indicator is showing an extreme oversold reading that might suggest a reversal.
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However, we can’t rule out first a break of the previous swing low before the bulls to show up again. On the upside, we have the intraday resistance level established at 1.3257 levels. However, the previous week high which also align with the resistance level 1.3387 are more important levels. There is no major risk events scheduled on the Canadian economic calendar. However, from the other side of the monetary policy spectrum we have the Fed interest rate decision. According to the market consensus the Fed will keep interest rate unchanged at 2.5%. On Friday, we also have the NFP report which is expected to show 165k new jobs versus 312k previous reading.
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