USDCAD Weekly Forex Forecast – 2nd to 6th July 2018
The USDCAD gives back some of the previous gains but this is something naturally with the ebb and flow of the price. Now we have formed a double top at 1.3381 which remains the key resistance level coming into the new week of trading. Only a daily break and close above 1.3381 can open the door for a retest of the round number 1.3500 and until then we can consolidate more.
The stochastic indicator has already reached oversold territory which suggest that the current retracement might soon come to an end. Last week low 1.3170 remains a good intraday support level from where we can see a reaction higher, but more importantly, we have the support level 1.3065 followed by the big psychological number 1.3000. The only notable risk event scheduled on the Canadian economic calendar is the Unemployment rate which is expected to come flat at 5.8.
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USDCAD Weekly Forex Forecast – 2nd to 6th July 2018
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