USD/CAD Week Ahead

Last week, USD/CAD came close to a very strong resistance. If you look at the chart you can see that 1.08 is a strong resistance since January 2008. USD/CAD broke that level last time on January 2008 and went as high as 1.3022 & fell since then.


Last Friday, USD/CAD almost touched that level of 1.08 and fell (See the chart below). It closed below 1.0673 (23.6% Fibonacci Retracement from 1.3040).

Next week, we will be watching to see whether USD/CAD can break that resistance of 1.08. If it does then it can go as high as 1.11 which is the next resistance for USD/CAD and near its 38.2% fibo retracement.

Monday is a Victoria Day Holiday for Canada. All banks are closed .

In economic calendar, there is only one important news for Canada that is Current Account Balance which is due on Friday and forecasted for -8.7B.

So, for us it will be a breakout watch for USD/CAD @ 1.08.

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