USDCAD Weekly Forex Forecast – 11th to 15th Dec 2017
The USDCAD has once again managed to recover almost all the losses suffered in the previous week. Since we’re still trading below the 1.2915 swing high we need to be caution as the Loonie can continue trading inside the price range established over the course of last few weeks. The middle of the current range is at 1.2784 which can provide a short-term support on the way down, but the real support remains the bottom of the range at 1.2660.
On the upside, a break above 1.2915 will open the door for a retest of the big round number 1.3000. The stochastic indicator is already in overbought territory and a pullback is expected to happen sooner rather than later. The Canadian economic calendar doesn’t have any major risk events that can impact the exchange rate. However, Wednesday we have the Fed interest rate decision which pretty much has been discounted by the markets. The general consensus is that the Fed will raise rates from 1.25% up to 1.5%.
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USDCAD Weekly Forex Forecast – 11th to 15th Dec 2017
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