USDCAD Weekly Forex Forecast – 8th to 12th May 2017
The USDCAD bullish sequence has held for the previous week as well. The rally was not just pure technical which of course it helped, especially the break above 1.3598 December high, but the sell-off in the energy sector has sustained the Canadian dollar weakness. As long as we stay above 1.3500 we can even see 1.4000 big psychological number and beyond, but it depends on the French election results.
The downside looks more manageable which can be the outcome if Macron wins as the risk in the short-term will be dissipated. The stochastic indicator is already in oversold territory but under current circumstances and in the current macro environment it can’t be that reliable. The Canadian economic calendar looks empty and will not bring anything new to the table, but we should expect the developments in the Oil market to weight on the USDCAD exchange rate.
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USDCAD Weekly Forex Forecast – 8th to 12th May 2017
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