USDCAD Weekly Forex Forecast – 23rd to 27th Oct 2017
The USDCAD has managed to stay above the big psychological number 1.2500 and had quite a strong bounce. The break above 1.2600 has opened the door for more USDCAD strength. However, we have run too fast as we already reached oversold conditions on the stochastic indicator. This suggests that early in the week we might see a retracement before the current bull run to have another chance to produce more USDCAD strength. On the upside the first level of resistance only comes at 1.2663 and we have a good chance to reach that level. Only a break below the big round number 1.2500 can suggest that the bulls have lost control of this market. A break below 1.2500 will set the stage for a retest of daily support level 1.2400.
In terms of risk events the Canadian economic calendar will bring the BOC interest rate decision. The BOC has already raised interest rates to 1% through 2017 and continued to have a hawkish stance. However, no more rate hikes are expected this year, which can draw investors away from the Canadian Dollar.
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USDCAD Weekly Forex Forecast – 23rd to 27th Oct 2017
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