USDCAD Weekly Forex Forecast – 8th to 12th Oct 2018
The USDCAD continues to trade below the big psychological number 1.3000, which is a clear bearish signal. As long as we trade below the big round number 1.3000 the bearish trend should prevail. On the downside the first level of support comes at 1.2890, but the previous week low 1.2781 needs to be broken for the bearish trend to resume. Below these two levels we have the major swing low established near the big round number 1.2500.
The stochastic indicator is showing an overbought reading, so the bulls need to wait for a reset before the bulls have another chance. On the upside, we don’t have any kind of resistance until the big psychological number 1.3000. There is no major risk events scheduled on the Canadian economic calendar. After reaching a NAFTA deal, the Canadian dollar is no longer threatened on this front.
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