USDCAD Forecast | Daily Technical Update for January 4, 2017

USDCAD Technical Overview

Yesterday Closed 1.3427
Today Open 1.3427
Day’s Range 1.3418 – 1.3458
52 wk Range 1.2458 – 1.4692
1-Year Return – 3.67%

USDCAD Technical Support and Resistance

USDCAD Forecast : USDCAD pair possibly will find the immediate support at 1.3404. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3389 and 1.3363.

On the other side the market has immediate resistance 1.3456. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3471 and 1.3497.

USDCAD Fundamental Analysis

The US dollar had a choppy session against the Canadian dollar on Tuesday as traders continue to come back from the holiday season. We are currently testing the 1.34 level for support, and finding it. I also recognize that the 1.35 level above will be resistive, but ultimately, I feel that the longer-term uptrend should continue. This will be especially true if oil continues to roll over like it had during the session on Tuesday, which of course works against the value of the Canadian dollar when that happens. Ultimately, I believe that we reach towards the 1.36 level again.

Along with usdcad forecast it is important to keep eye on economic.

Upcoming Important Economic News: (GMT +2)

2. 5:30pm USD Crude Oil Inventories
3. All Day USD Total Vehicle Sales
4. 9:00pm USD FOMC Meeting Minutes