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USD CAD Weekly Forecast Analysis | February 13, 2017

usd cad

USD CAD Weekly Forecast Analysis | February 13, 2017

 

USD CAD has been consolidating for the past week as the pair is yet to make up its mind on the direction that it has to take. In the week before that, we saw the support region around 1.3000 come under severe pressure and in our weekly forecast for last week, we had mentioned that with the bulls being able to withstand the tremendous pressure from the bears around the 1.3000, we should look for a positive week and thats what we saw last week as the pair did make a trip to the 1.3200 region before correcting towards the end of the week.

Looking ahead to the coming week, we should see some weakness in the pair as the Canadian data is digested by the market but we have the retail sales and PPI data from the US later in the week which will be watched closely to determine the timeline for the next rate hike. If the data comes in strong, then we should be able to see another attempt at 1.32 and if it comes week, we should see 1.30 come under severe pressure once again and it remains to be seen how long the bulls can hold on.

Technical Analysis Overview

 

Prev. Close      1.3085
Open               1.3088
Day’s Range   1.3085 – 1.3121
52 wk Range   1.2458 – 1.3912
1-Year Return – 5.34%

 

Support and Resistance Forecast

S 1: 1.3019

S 2: 1.2969

S 3: 1.2888

 

R 1: 1.3181

R 2: 1.3231

R 3: 1.3312