The USDCAD has potentially put in place a new swing low but last week early rally can also see some deep retracement before new highs to be seen. But for the bullish case to remain valid we need any sell off to remain above last week low 1.2248. We can also mention intraday support level at 1.3350 that can offer us with a reaction higher. The stochastic indicator is already in extreme overbought conditions and a retracement early in the week is more likely. On the upside the first level of resistance comes at the big round number 1.2500. The Canadian economic calendar has noting on the agenda in terms of major risk events that can disrupt the market volatility. On Tuesday, we have the Trade Balance figures and on Thursday the BOC member Wilkins is scheduled to have a speech. Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast - 5th to 9th Feb 2018