The USDCAD technical pattern remains in a bullish sequence as last week breakout above 1.3588 has open up the door for more strength. The rally quickly faded off, as expected, and despite the fact that we have closed below the 1.3500 big psychological number this sell off lacks the momentum for more downside pressure as the stochastic indicator is already oversold.
The first level of support comes in at 1.3315 while a break and a close below this level will expose 1.3287 from where we can expect a bounce toward the 1.3500 big round number which should act as resistance. We should expect a low level of trading activity during the first week of 2017 and in this regard, we don’t see any major break on either side of the market.
The only major risk event is on Friday and comes in the form of the Canada Unemployment figures. The Unemployment rate is expected to inch higher from 6.8% to 6.9% which is bearish for the Canadian Dollar. Also, the Net Change in Employment is expected to tighten from 10.7k jobs down to -2.5k.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 2nd to 6th Jan 2017 – Bullish
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