The USDCAD technical pattern has reached an important resistance level at 1.2916 which is also the last week high. As long as we trade below 1.2916 we should expect to see the market retracing some of the previous gains. However a break above can open the door for more upside and possibly a retest of the big psychological number 1.3000 which should provide us with a reaction lower. On the downside we can mention two intraday support levels at 1.2760 and 1.2688. Minor reactions off of these levels can be expected. The stochastic indicator is in oversold territory which supports the bearish case.
The Canadian economic calendar has some high risk events that can disrupt the market volatility. On Wednesday, we have the BOC interest rate decision and based on the market consensus we should expect no changes in the interest rates policy. The rate decision is followed by the BOC rate statement which should be extremely volatile news event. Friday we also have the unemployment rate which can be the catalyst for some volatility.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 5th to 9th Mar 2018
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