[FOREX TIP] USDCAD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

USDCAD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

Both the fundamental and technical suggest that the line of least resistance for the USDCAD remains to the upside. Last week’s sell-off structure still looks corrective in nature and as long as we trade above 1.3030 and more importantly above the 1.3000 big psychological number the bullish case should prevail.

The stochastic indicator suggests that the first day of the week should be slow until it reset itself. We don’t have much resistance to the upside until 1.3300 which is why we favor more the upside. The Canadian economic calendar will bring the GDP figures which will give traders more insights into how the Canadian economy performed during the last month of 2016. Based on the market consensus we should expect a pick up in the Canadian economy and see a 0.3% growth. The Fed interest rate decision is without a doubt the main risk event of the week. The market consensus only sees the Fed beginning raising rates from the second half of the year.

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USDCAD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 – Bullish

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