Previous USDCAD Weekly Forex Forecast   The USDCAD technical pattern remains constructive for more upside to be seen in the near to medium-term. The weekly close above the 1.3500 big psychological number is an encouragement for the bulls, but only a break and a close above the 1.3588 swing high will confirm the resumption of the bullish trend. The first level of resistance only comes at 1.3740 from where the price can reverse. The stochastic indicator is signaling oversold conditions and that’s one of the reasons why we need to be cautious and let the market break above the current market range for further confirmation. There are several risk events that can drive volatility higher and the first one is BOC Governor Poloz, which is due to deliver a speech titled "The Role of Services in Canada’s Economy" on Tuesday. Wednesday we have the OPEC meeting and because of the Oil – Canadian Dollar correlation any news related to Oil prices can disrupt the market volatility. Next on the docket is the Canadian GDP figures and the general consensus is for a slowdown in economic growth, which can be positive for USDCAD exchange rate.

USDCAD Weekly Forex Forecast - 28th Nov to 2nd Dec 2016 - BULLISH