USDCAD Weekly Forex Forecast – 3rd to 7th July 2017
The USDCAD has reached new lows in 2017 after breaking below the big psychological number 1.3000. The USDCAD recent sell off has reached extreme stochastic oversold reading, which can indicate that sooner rather than later a bounce should be expected. There is no much resistance above the current price until 1.3167 swing low. On the downside the next level of support only comes in at 1.2850. We have a very weak weekly close below the big psychological number 1.3000 so any attempt to break above can extend since there is no major resistance above. However, as long as we trade below 1.3000 expect the bearish trend to prevail.
The Canadian economic calendar will bring in Thursday the Trade Balance figures as well as he imports and export numbers. While on Friday we have the Unemployment rate, which is expected to come flat at 6.6%. The number of employed people has increased considerably since the beginning of the year showing an healthy labour market.
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USDCAD Weekly Forex Forecast – 3rd to 7th July 2017
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