The USDCAD has recovered some of the previous losses and it’s now trading back above the 200-day moving average. Currently Loonie is trading very close to our first level of support near the round number 1.2800. There is a change to break below support 1.2800 and fill in the previous week’s trading range before to try again to break higher. The next significant level of support comes at 1.2688 which is a little too far away, but we can’t rule the possibility to get a deep retracement either. The stochastic indicator is not yet in oversold territory, so we have time and space to pullback into the previous bullish run. On the upside, the previous week high 1.2900 can provide us a good resistance level, and only a daily close above can open the door for a possible retest of the big psychological number 1.3000. On Tuesday the BOC Governor is scheduled to speak about Canadian household debt at the Yellowknife Chamber of Commerce luncheon. The Canadian economic calendar will also bring the GDP figures for the previous month while Friday we have the big risk event NFP report, which based on the market consensus we should expect 190k new jobs added in April. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 30th April to 4th May 2018