The USDCAD bullish pattern remains constructive, however, we should remain cautious of possible erratic sell-offs that can quickly fade. On the technical side, we have the 1.3300 pivot point and below the 1.3250 support level. To the upside there isn’t any resistance until we hit the big psychological figure 1.3500 from where ideally we can expect some sort of a reaction.
The Stochastic indicator is showing that we have a buildup in bullish momentum that is supportive for our bullish case. We’re also trading above the 200-day EMA which adds a bit of confluence to the overall picture.
The Canadian economic calendar looks heavy and we start with the first risk event on Tuesday when we have the GDP figures scheduled to be released. Due to the rebound in the energy sector prices we can expect some positive GDP figures that can strengthen the Canadian Dollar. Friday we have the NFP report and after a modest 156k new jobs added. The market consensus is for positive figures that can send USDCAD higher.
USDCAD Weekly Forex Forecast – 31st Oct to 4th Nov 2016 – BULLISH
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