USDCAD Weekly Forex Forecast – 3rd to 7th Dec 2018
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The USDCAD continues to consolidate the previous gains and as long as we trade above the key 200 moving average we should expect the bullish case to remain intact. On the downside, the first level of support only comes at the key level 1.3220. For the bears to regain control they would need a daily close below 1.3220, which will open the door for a retest of the support level 1.3070. A change in the trend direction can only happen if we get a daily break and close below the big psychological number 1.3000. The stochastic indicator is in neutral territory and we don’t have any signs of extreme oversold or overbought readings.
On the upside, the first level of interest is the previous week high established at 1.3360, which is also close to our key resistance level 1.3380 from where the bears can try one more time to drive USDCAD lower. On the Canadian economic calendar there are heavy risk events that can disrupt the market volatility. On Wednesday, the BOC interest rate decision has the potential to give more clarity to the price action. Thursday, we have the OPEC meeting and Friday will bring the Unemployment rate which can further disrupt the market volatility.
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