No events are due in Canada this week, so the loonie will rock mostly on external news and technicals. Here’s an outlook. USD/CAD daily chart with support and resistance lines marked. Click to enlarge: Let’s start: USD/CAD Technical Analysis The Canadian dollar gradually strengthened during the week, and eventually closed around 1.0075, that was mentioned last week. Looking down, minor support is found at 1.0075, just below the current close. It served as support a few weeks ago. Below, USD/CAD parity proved to be strong support, and it’s a very round number. Just below, 0.9975 cushioned the pair’s fall in the past two months and now works as support. It’s immediately followed by the year-to-date low of 0.9930. Further lines below were last seen in 2008: 0.98 and 0.97. Reaching these levels depends a lot on oil prices. Looking up, 1.0140 is now a weak line, after not working as a significant line in the past week. Higher, 1.0280 remains a strong line of resistance, which hasn’t been broken in quite a while. Higher, the 1.0380 line is a very strong resistance line after stopping USD/CAD from rising a few times in recent months, and is still far. The next line is 1.05 which capped the pair twice during the summer and is the next minor line of resistance. Even higher, the strong 1.0680 worked as resistance in July and in August, for more than one day in each attempt to break higher. The next levels are still far – 1.0750 was a swing high during May and also the limit of a long-term range in 2009. The last line is, 1.0850, which was also a swing high back then. I remain neutral on USD/CAD. The Chinese rate hike might hurt the Canadian dollar and balance the Canadian fundamentals, which are OK. Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro/Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. For the New Zealand dollar (kiwi), read the NZD forecast. For USD/CAD (loonie), check out the Canadian dollar. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Canadian Dollar ForecastMinors share Read Next Insights On Trading Yohay Elam 12 years No events are due in Canada this week, so the loonie will rock mostly on external news and technicals. Here's an outlook. USD/CAD daily chart with support and resistance lines marked. Click to enlarge: Let's start: USD/CAD Technical Analysis The Canadian dollar gradually strengthened during the week, and eventually closed around 1.0075, that was mentioned last week. Looking down, minor support is found at 1.0075, just below the current close. It served as support a few weeks ago. Below, USD/CAD parity proved to be strong support, and it's a very round number. Just below, 0.9975 cushioned the pair's fall in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.