The USDCAD technical pattern has turned strongly bullish. The break above 1.3350 swing high has put the focus on the big psychological number 1.3500. The stochastic indicator is showing a bullish momentum built-up which supports the bullish case. However, we can expect first a retest of the 1.3350 support level before a retest of the big round number 1.3500 from where we can expect a reaction lower.
The most significant risk event in the week ahead is the Trade Balance figures. Based on the market consensus Canada is about to post the third consecutive monthly trade surplus which can be positive for the Canadian dollar. The Canadian unemployment rate is also expected to be released on the last day of the trading week. The market consensus is for a flat reading of 6.8% unemployment rate.
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USDCAD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish
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