USDCAD Weekly Forex Forecast – 24th to 28th July 2017
The USDCAD has continued to extend to the downside but the sell-off found support at the big psychological number 1.2500. The USDCAD is trading at a new 14-months low after it sold off more than 1000 pips from the May high. A break below 1.2500 will extend the current move down to 1.2460 the 2016 low.
The stochastic indicator is in oversold territory but in strong trends like the one we are witnessing it doesn’t have much relevance. Any retracement should quickly fade away and should be short in time. The first level of resistance only comes at 1.2765 followed by the 1.2850. The Canadian economic calendar looks empty with not major risk event scheduled other than the monthly GDP figures scheduled on Friday.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 24th to 28th July 2017
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