USDCAD Weekly Forex Forecast – 1st to 5th May 2017
The USDCAD has successfully broken above the big psychological number 1.3500 but we’re already in overbought territory based on the stochastic indicator and a pullback should happen sooner rather than later. On the downside, we have the first level of support at 1.3600 previous swing high. A break and a close below this level can trigger more selling pressure all the way to the 1.3500 big round number.
On the upside, we can expect to find resistance at 1.3700 followed by 1.3750 levels. The Canadian economic calendar looks empty and the only notable risk event of the week is the unemployment figures on Friday. But we also have a proxy risk event the Fed interest rate decision which is expected to keep rates unchanged. The rate announcement is not followed by any press conference and this encourages us to believe that the monetary policy will be kept unchanged. On Thursday the BOC Governor Poloz is due to speak at the CanCham Mexico and Club de Industrialists, in Mexico City.
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USDCAD Weekly Forex Forecast – 1st to 5th May 2017
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