The USDCAD has failed to maintain a close above the big psychological number 1.3500. This definitely shows bullish weakness, but we can still expect to see another attempt to break higher. Only a daily close above 1.3500 will signal a reversal and possibly a retest of 1.3650 next resistance area.
The stochastic indicator still has room to move in oversold conditions so, early in the week, we can expect a retest of last week low 1.3427. A break and a daily close below last week low can open up the door for more bearish pressure and we can see a retest of 1.3338 support level. The Canadian economic calendar looks empty and the only notable risk event is the Unemployment figures scheduled on Friday.
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USDCAD Weekly Forex Forecast – 5th to 9th June 2017
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