USDCAD Weekly Forex Forecast – 4th to 8th Sept 2017
The USDCAD has broken to new lows for 2017 after a quite volatile week of trading. Last week low 1.2339 remains now key for the future direction of the price action. A daily break and close below will extend the current sell off down to 1.2200. However, the stochastic indicator is already in oversold condition so we might see first another attempt to retest 1.2410 next important resistance level.
The crucial level remains the big psychological number 1.2500 and a daily break and closes above will invalidate the current attempt to break lower. The Canadian economic calendar looks heavy in terms of risk events. But, first, we need to mention that Monday is the Labor Day and the market liquidity, should dry so we need to be careful not to get caught by some erratic price action.
Wednesday is the big day for the Canadian dollar as we have the BOC interest rate decision. While the market is expectation is for the interest rate policy to be kept unchanged, we should look for any changes in BOC hawkish rhetoric. Friday we have the Unemployment rate figures and based on the market consensus, we should expect a flat reading of 6.3%.
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USDCAD Weekly Forex Forecast – 4th to 8th Sept 2017
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