USDCAD Weekly Forex Forecast – 4th to 8th June 2018
The USDCAD couldn’t break above the big psychological number 1.3000 which is the line in the sand between the bulls and the bears. The weekly closing price below 1.3000 is bearish for the USD/CAD and the fact that we close almost unchanged for the previous week suggest that we can see at least some type of consolidation until a clear breakout happens. The stochastic indicator is in neutral territory, so until we get overbought or until we get a strong daily close below support level 1.2920 we should expect more tight consolidation.
On the downside, the next significant support levels come at 1.2815 followed by 1.2745. A daily break and close above the 1.3000 will invalidate the bearish case and open the door for a retest of the yearly high 1.3128. The Canadian economic calendar will bring the Trade Balance figures on Wednesday. Thursday, Governor Poloz is due to hold a press conference about the Financial System Review, in Ottawa. Last but not least, Friday, the Unemployment figures will provide more clarity to the price action.
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