USDCAD Weekly Forex Forecast – 7th to 11th 2019
The USDCAD bullish trend has taken a pause and we’re now experiencing a deep correction. The previous week high established at 1.3661 is our new resistance level. A break above 1.3661 should be quickly faded away and the USDCAD should turn back on the downside. The most likely scenario is for the USD/CAD to find support at the 1.3390 level. The stochastic indicator is already showing extreme oversold readings that can suggest a reversal in price.
On the downside, the first level of interest is the support level 1.3257. The bearish momentum should only accelerate on the downside if we manage to get a daily break and close below the 1.3390. On the upside, the only major risk event scheduled on the Canadian economic calendar is the BOC interest rate decision. According to the market consensus the BOC is expected to keep interest rates unchanged at 1.75%.
Never miss out another good trading setup when you have this Powerful Price Action Scanner
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.
Other Analysis Today