USDCAD Weekly Forex Forecast – 10th to 14th July 2017
The USDCAD remarkable continued on its bearish path as speculation over an imminent BOC rate hike has driven investors into buying the Canadian dollar. USDCAD has traded at levels not seen since September 2016. We almost reached our 1.2850 support level from where we can expect a bounce and possible a bigger correction. However, as long as we trade below 1.3000 big psychological number the USDCAD bearish trend remains intact.
The stochastic indicator is not showing yet any signs of extreme oversold readings which means that in the short-term the risk still remains skewed to the downside. A break and a daily close below will most likely face some headwinds and should quickly fade away. The Canadian economic calendar looks heavy with many risk events scheduled. First, we have on Wednesday the BOC interest rate decision which is widely expected to hike rates from a record low of 0.5%. The rate hike is most likely discounted by the price already and any disappointment from BOC to hike rates will most likely trigger some short USDCAD covering.
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USDCAD Weekly Forex Forecast – 10th to 14th July 2017
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