The Canadian dollar continues to advance against the falling greenback, enjoying rising oil prices. This week’s GDP release in Canada will rock the loonie. Here’s an outlook and an updated technical analysis for USD/CAD. Last week Retail Sales jumped up 0.4 % in January following 0.4% plunge in December. Excluding the automobile sector it gained 0.7% following 0.2% drop in the previous month. The BOC is hoping economy will regain its power by speeding business investment and exports. USD/CAD daily chart with support and resistance lines marked. Click to enlarge: GDP: Friday, 13:30. Gross Domestic Product climbed 0.5% in January the strongest figure in seven years preparing the ground for a strong quarterly figure indicating expansion in the manufacturing sector. The rise was in line with predictions following a similar increase as in the previous month. A flat rate is expected now. *All times are GMT. USD/CAD Technical Analysis The Canadian dollar started the week with a drop, but it quickly recovered. After piercing through the 0.96 line, the pair even temporarily breached the 0.9510 line (discussed last week), but couldn’t settle below it, eventually closing at 0.9540. Looking down, we continue to discuss old lines that have awakened after this fall. Once again, support is found at 0.9510, which was only a minor line in 2007, but proved to be quite strong now. It’s followed by 0.9415, which also played a role back then. Even lower, 0.92 is also of significance, followed by the all time low of 0.9056. We might reach that area if the greenback continues its course. Looking up, 0.96 is the distinctive and immediate line of resistance. IT was clear now. It’s followed by 0.9667, which worked well in the past two weeks and as a trough at the beginning of the year. Moving higher, we find 0.98 another support line from 2007, that proved to be a strong line in recent weeks. It’s followed by the minor 0.9930. This is the 2010 low and it now works as strong resistance if the pair gets close to these levels. The next minor resistance line is very close – 0.9977, another low from 2010. We now reach the distinctive line of USD/CAD parity. This is also resistance, although after it was crossed many times, its significance is reduced. I remain bearish on USD/CAD. The GDP release will probably show that the Canadian economy is doing well. Together with rising oil prices and the weakness expected from the US FOMC Meeting, USD/CAD has a lot of room for further falls. 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. Anat Dror Anat Dror Anat Dror Senior Writer I conceptualize, design and create multi-lingual websites. Apart from the technical work, my projects usually consist of writing content for these sites in English, French and Hebrew. In the past, I have built, managed and marketed an e-learning center for language studies, including moderating a live community of students. I've also worked as a community organizer Anat's Google Profile View All Post By Anat Dror Canadian Dollar ForecastMinors share Read Next AUD/USD Apr.25- Aussie Closes Week Higher Against US Dollar Tamar Schoppik 12 years The Canadian dollar continues to advance against the falling greenback, enjoying rising oil prices. This week's GDP release in Canada will rock the loonie. Here's an outlook and an updated technical analysis for USD/CAD. Last week Retail Sales jumped up 0.4 % in January following 0.4% plunge in December. Excluding the automobile sector it gained 0.7% following 0.2% drop in the previous month. The BOC is hoping economy will regain its power by speeding business investment and exports. USD/CAD daily chart with support and resistance lines marked. Click to enlarge: GDP: Friday, 13:30. Gross Domestic Product climbed 0.5% 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.