USDCAD Weekly Forex Forecast – 22nd to 26th Jan 2018
The USDCAD is almost unchanged and finished the last week almost where it started. Since we’re still in a trading range between the last week low 1.2350 which can act now as support and the resistance level 1.2550, which is the top of the range. We can also note the big psychological number 1.2500 as an important resistance level.
A break and a daily close above 1.2550 can suggest that a swing low is in place, but until then we can’t rule out the bearish case which can see the USDCAD breaking below 1.2350. The stochastic indicator is in neutral territory not showing any signs of overbought or oversold market. The Canadian economic calendar only has one major risk event in the form of the CPI inflation figures. Based on the market consensus the CPI annualized rate should come flat at 2.1%. On Friday, we also have the US GDP figures for the last quarter of 2017 and the US economy is expected to post a 2.3% economic growth.
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USDCAD Weekly Forex Forecast – 22nd to 26th Jan 2018
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