The USDCAD has broken below the 1.3030 last swing low, making lower lows which is a bearish structure. We got a very weak close above the big psychological number 1.3000 which is still below 1.3030. Early in the week we can expect a small bounce or further tight consolidation as the stochastic indicator is in oversold conditions and needs time to reset. However, a daily break and close below 1.3000 will see the USDCAD momentum accelerating to the downside.
We don’t have risk events that can affect the USDCAD volatility next week, which normally means that the prevailing trend has higher changes to continue in the upcoming week. The only notable economic data is the Canadian Unemployment rate, which based on the market expectation and forecast should come unchanged at 6.9%.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 6th to 10th Feb 2017 – Bullish
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