The USDCAD price action remains trapped in a wide trading range. On the downside the big psychological number 1.3000 is the key support level you should keep an eye on for a possible reaction higher. However a daily close below 1.3000 will open the door for a retest of 1.2920. The stochastic indicator isn’t showing any extreme readings in the market, which means we should continue, down the path of consolidating. On the upside, the intraday resistance level 1.3150 followed by 1.3220 are our levels of interest.
The Canadian economic calendar will bring the GDP data, which, according to the general consensus should come unchanged at 0.1%. Friday will bring the Canadian Trade balance data and we also have the NFP report, which should show that the US economy has added another 200k new jobs during the past month. Also, the unemployment rate is expected to inch lower to 3.9% from 4.0%.
Previous USDCAD Weekly Forex Forecast
Other Analysis Today