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.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 5th to 9th June 2017
Other Analysis Today
