USDCAD Weekly Forex Forecast – 8th to 12th Jan 2018
The USDCAD has extended the previous loses and it reached new lows but the current sell off looks overextended and a bounce can be in cards sooner rather than later. Despite the break below the big psychological number 1.2500 the stochastic indicator is providing us with extreme oversold conditions which suggest a pause in the current sell off.
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The first level of resistance remains the big round number 1.2500 followed by 1.2550 but, we don’t expect any rally to be sustained and more likely we can see some consolidation. On the downside, the previous week low 1.2355 remains a key pivot. Any break below the support level should quickly fade away but a daily close below can open the door for more downside. The Canadian economic calendar doesn’t have anything in store that can disrupt the market volatility. We can only note as a potential risk event the Bank of Canada business outlook report survey scheduled on Monday.
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