The USDCAD is getting close to retest the key support level 1.3065 which aligns perfectly with the 200-EMA giving confluence for a bounce. However, the big psychological number 1.3000 remains the level to watch and we can’t rule out the bears try to challenge the big round number again. Only a daily break and close below 1.3000 can suggest that a major swing high is put in place, until then we should expect more consolidation.
The stochastic indicator is close moving into oversold territory which adds more confluence for the bullish case scenario. On the upside, we can note the intraday resistance level at 1.3160 but the major resistance remains the double top developed at the 1.3381 high. We have some high impact risk events that can disrupt the market volatility. On Wednesday, according to the market consensus the BOC is expected to hike rates from 1.25% to 1.5%, which can boost the Canadian dollar. The interest rate decision will be followed by the BOC press conference.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 9th to 13th July 2018
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