USDCAD Weekly Forex Forecast – 26th to 30th Nov 2018
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The USDCAD give back some of the previous gains and now we’re looking for a retest of the key 200 moving average. The bullish trend established in the beginning of October remains intact and we need a break of multiple support levels for the sentiment to shift to the downside. The pivot point established at 1.2650 is the level to keep an eye on for short term direction. On the downside, the support level 1.3084 followed by the big psychological number 1.3000 are the key level the bulls need to defend.
The stochastic indicator is in oversold territory so there is a good probability one of the support level mentioned above to produce a short-term reaction to the upside. On the upside, the previous week high established at 1.3317 is going to be a big hurdle for the bulls to conquer. The Canadian economic calendar will only bring the monthly GDP figures on Friday. However, from the other side of the monetary policy spectrum we have the FOMC minutes scheduled on Wednesday.
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