The USDCAD rally continued to extend to the upside, but the long-term bearish trend still remains intact. The weekly close above 1.2500 big psychological numbers might be a sign of buyer presence, but this gets invalidated if we take in consideration the bearish trend so we should expect a break back inside last week range. However a break and a daily close above last week high 1.2600 might open the upside for a retest of 1.26660.
The stochastic indicator is showing a crossover and moving down from overbought territory, so this can set the stage for a retest of 1.2410. A break and a daily close below 1.2410 can open the door for a retest of support level 1.2250. The Canadian economic calendar doesn’t have much to offer us in terms of risk events so look more for a technical driven USDCAD.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 9th to 13th Oct 2017
Other Analysis Today