USDCAD Weekly Forex Forecast – 20th to 24th March 2017
The USDCAD is in the process of correcting the cycle from the February low. The broad based dollar weakness will keep USDCAD under pressure. Early in the week, we can see any rally towards 1.3417 intraday resistance levels to fade away for a possible new low and a retest of the 1.3212 support level. For the bearish momentum to accelerate to the downside we need a break and a close below 1.3276 last week low.
The stochastic indicator is in an oversold condition which is why we expect a minor rally or at least some sort of consolidation before the downside to prevail again. The Canadian economic calendar looks mild with the only notable risk event being the CPI inflation figures. The market consensus sees a flat reading; however, with the recent slump in the energy sector, we can expect a downtick in inflation expectation. Another major risk event for all dollar crosses is Fed Chair Yellen speech which is due to deliver opening remarks at the Federal Reserve System Community Development Research Conference, in Washington DC.
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USDCAD Weekly Forex Forecast – 20th to 24th March 2017
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