USDCAD Weekly Forex Forecast – 17th to 21st Sept 2018
The USDCAD bulls managed to defend again the big psychological number 1 .3000 and we have posted a weekly close above this key support level. But since the stochastic indicator is already showing an overbought reading we can expect another test of this big round number and possible, we can also see a brief breakout underneath 1.3000 before the bulls to show up again. Only a daily break and close below 1.3000 can signal a change in the trend and a possible retest of the 1.2920 support level.
On the upside, the first level of interest comes at the resistance level 1.3070. A daily break and close above will open up the door for a retest of the next resistance level that can be found at 1.3220 level. In terms of risk events, we can mention the BOC Review scheduled to be released on Thursday and on Friday that Canadian CPI inflation data has he potential to produce some volatility. The ongoing NAFTA negotiation between the US and Canada have also the potential to cause some volatility.
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