USDCAD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018
The USDCAD bulls have managed to successfully defend the big psychological number 1.3000. The weekly close above the big round number 1.3000 indicates that the uptrend is still intact. Only a daily break and close below the big round number 1.3000 can signal a change in the trend direction. At the same time, a break below 1.3000 will also open the door for a retest of the next important support level 1.2890. On the upside, the bulls need to challenge the resistance level 1.3230, which has been a big hurdle over the past few weeks.
The stochastic indicator is moving away from oversold reading, so we may need to wait for a reset before the uptrend to resume. The Canadian dollar can also be impacted by some high risk events that are scheduled on the economic calendar. First we have the Canadian unemployment rate followed by the US NFP report which is the highlight risk event of the week. The market expectation is for the US economy to add 191k new jobs versus 134k previous reading.
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