The USDCAD technical pattern remains bullish as long as we are trading above the 1.2663 pivot level. A daily break and close below this figure will shift the momentum to the downside and open the door for a retest of support level 1.2550 and then the big psychological level 1.2500. On the upside the big round number 1.3000 is the big resistance level and any rally above should quickly fade away.
The stochastic indicator points towards a more favorable bullish case for the next week or at least more ranging activity before the bears to really take control of the trend. In terms of risk events the Canadian economic calendar will bring BOC Governor Poloz speech scheduled on Tuesday. He is going to speck at the Montreal Council of Foreign Relations and the speech will be followed by a press conference as well.
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USDCAD Weekly Forex Forecast – 6th to 10th Nov 2017
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