USDCAD Weekly Forex Forecast – 17th to 21st April 2017
The USDCAD technical pattern is trapped in a messy trading range.The first level of support comes in at 1.3280 while a break below will expose the 1.3212. To the upside, we have the first level of resistance at 1.3340 intraday resistance level followed by 1.3417 and 1.3450. The stochastic indicator is already in oversold territory but we still have room for a retest of 1.3400 and fill in the last week price range before more downside to be seen.
There are not many risk events that can distort the USDCAD volatility. Wednesday traders should keep an eye on the US Crude Oil inventories and on Friday we have the Canadian CPI inflation figures. The market consensus see inflation picking up from 0.2% last reading up to 0.4%. This view is supported by the recent rally in the energy sector.
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USDCAD Weekly Forex Forecast – 17th to 21st April 2017
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