USDCAD Weekly Forex Forecast – 2nd to 6th Oct 2017
The USDCAD rally is still corrective as the bearish trend has more legs to go down. The inability to close above the big psychological number 1.2500 speaks volumes in terms of how strong the bulls really are. From here on we should expect any move above 1.2500 to quickly fade away. However, a daily close above 1.2500 can open the door for more upside all the way to 1.2620 resistance level.
On the downside, the first level of support comes at 1.2410 while a break and a daily close below it can open the door for a retest of intraday support level 1.2250. The stochastic indicator is already in overbought territory, so we can expect early in the week the move to the downside to begin. The Canadian economic calendar looks busy in terms of risk events. On Monday we have the Markit Manufacturing PMI figures followed by The Business Outlook Survey released by BOC. Last but not least, on Friday we have the Canadian unemployment figures which can be the catalyst for some volatility.
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USDCAD Weekly Forex Forecast – 2nd to 6th Oct 2017
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