USDCAD Weekly Forex Forecast – 4th to 9th Nov 2018
The USDCAD held above the big round number 1.3000 consolidating the previous gains. AS long as we trade above 1.3000 on a daily closing basis we should expect the bullish momentum to prevail. However, for the bulls to open up the door for more strength they need a break above last week high, which will put back into focus the resistance level 1.3220. On the downside, the intraday support level 1.3050, which is also, last week low, is the first level that the bulls need to defend ahead of the big psychological number 1.3000.
The stochastic indicator doesn’t show us any extreme readings so we can expect the consolidation to continue. The only major risk event that can be the source for some volatility is the Governor Poloz’s speech scheduled on Monday. Other than that we should expect a fairly quiet market in terms of fundamental catalysts that can drive the Canadian dollar exchange rate. But from the other side of the monetary policy spectrum, we have the US Fed interest rate decision, which according to the market consensus it should hold rate unchanged at 2.25%.
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