USDCAD Weekly Forex Forecast – 4th to 8th Dec 2017
The USDCAD ended up the week on the wrong foot after it almost broke to new highs. Put in perspective, last Friday’s sell-off can be the beginning of a much bigger retracement and possibly a resumption of the bearish trend started in 2017. However, since the stochastic indicator is in oversold territory, we can’t rule out that first, we can see early in the week a rally towards intraday resistance 1.2784. On the downside, the support level 1.2660 will define the line between trend continuation and more consolidation. A daily close below 1.2660 will open the door for a retest of the 1.2550 and possibly even the big psychological number 1.2500.
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In terms of risk events, the Canadian economic calendar has scheduled some important risk events that can be the catalyst for some volatility. On Tuesday, we have the Trade Balance figures but the highlight risk event of the week only comes on Wednesday when we have the BOC interest rate decision. The market consensus is for a no change in the interest monetary policy.
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