USDCAD Weekly Forex Forecast – 18th to 22nd Sept 2017
The USDCAD bearish trend continues to be persistent and the smart thing to do is to focus on the downside. In this regard, we should expect resistance level to hold and support levels to be broken. On the upside, the first level of resistance only comes in at 1.2250. A break and a daily close above this level will open up the door for a possible retest of the 1.2410 important resistance levels.
The stochastic indicator is moving away from oversold condition which indicates that early in the week we might see a retest of resistance before resuming down. On the downside the first level of support only comes in at current 2017 low at 1.2064. A break below this level will put the focus on the big psychological number 1.2000. The Canadian economic calendar looks mild in terms of risk events. The only notable news event that can disturb the volatility is the CPI inflation figures scheduled on Friday.
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USDCAD Weekly Forex Forecast – 18th to 22nd Sept 2017
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