USDCAD Weekly Forex Forecast – 22nd to 26th Oct 2018
The USDCAD has made a decisive break to the upside and we’re making a series of higher highs followed by a series of higher lows which indicates the very presence of an uptrend. We’re also trading above the big psychological number 1.3000 as the bulls didn’t failed to show up again and defend their line in the sand. As long as we trade above the big round number 1.3000 the bullish trend should remain intact. On the downside, a break below 1.3000 will open the door for a retest of 1.2890 but first we need a break of the intraday support level 1.3070.
On the upside, the first important level of resistance only shows up at 1.3230 from where we should expect at least some type of retracement. The stochastic indicator is in oversold territory so we first need to wait for a reset before the bulls can have a say. The Canadian economic calendar has some high risk events that can be the catalyst for some trend development. On Wednesday the BOC interest rate decision is set to give more clarity to the price action. The market consensus is for a rate hike from 1.50% up to 1.75%.
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