USDCAD Weekly Forex Forecast

[Salman1]

The USDCAD has potential to continue resuming the big picture bearish trend as long as we trade below 1.2800 an important pivot point. Last week high is also near our important pivot point and should provide further confluence. However, a break and a close above the 1.2820 can signal that we’re entering in an extended period of ranging activity. On the downside, the last week low 1.2663 remains our first level of support and since based on the stochastic indicator we’re already in oversold territory we can expect early in the week an attempt to fill in last week price range. A break below 1.2663 and a daily close will open the downside for a retest of 1.2550 followed by the big psychological level 1.2500. Get more idea: USDCAD Weekly Forex Forecast