The USDCAD technical pattern suggests that the Canadian dollar might be poised for more strength in the near future after the USD/CAD successfully managed to break below key support level 1.2800. However, a daily break and close above 1.2800 can easily negate the bullish case and put the bulls in the money again. In this case we can’t rule out the possibility of a retest of intraday resistance level 1.2940.
On the downside, we can note important support at 1.2688 followed by 1.2570 but with the stochastic indicator in oversold territory we’ll have to wait for the reset until more downside can be seen. There are no major risk events scheduled on the Canadian economic calendar but we can mention some minor risk events on Monday when the BOE business outlook survey is released an on Tuesday we have the Building Permits.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 9th to 13th April 2018
Other Analysis Today