The USDCAD trading range got even tighter as we finished previous trading week almost where we started it. The support level 1.2800 continues to hold the downside for the time being which can give us hopes we can see another attempt to challenge the big psychological number 1.3000. We believe that any attempts to break above 1.3000 will fail and later in the week we expect the 1.2800 support level to give up. The stochastic indicator is moving away from oversold territory which supports our initial view of 1.3000 levels being tested again. However, a significant daily close above 1.3000 can open the door for a break above the swing high 1.3125. On the downside, a break below 1.2800 will open the door for a test of the next important support level 1.2688. The Canadian economic calendar has one major risk event on Friday as the Unemployment figures are scheduled to be released. On the same day we also have the highlight risk event of the week as the US NFP report is scheduled to be released. The unemployment rate is expected to drop to 4% versus 4.1% previous reading but the number of new jobs added is going to be in the region of 200k. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 2nd to 6th April 2018