Preliminary data showed that Canada’s retail sales increased in October. The FOMC minutes confirmed policymakers were ready to move in smaller steps. Investors are awaiting the US nonfarm payrolls report. The USD/CAD weekly forecast is bearish as this week’s bearish trend will likely extend to next week, given the weakening dollar. Ups and downs of USD/CAD On Tuesday, the Canadian dollar climbed against the US dollar as investor risk appetite increased, and preliminary domestic data showed that Canada’s retail sales increased in October. –Are you interested in learning more about spread betting brokers? Check our detailed guide- The minutes from the Federal Reserve’s November meeting confirmed that the central bank would downshift and raise rates gradually from its December meeting, causing the decline of the USD/CAD on Thursday. The anxiously anticipated report of the Nov. 1-2 meeting revealed officials were mostly comfortable they could now proceed in smaller steps, with a 50 basis point rate increase expected next month following four consecutive 75 basis point rises. Next week’s key events for USD/CAD Next week is packed with important news releases from Canada and the US, including GDP data from both countries and employment data from Canada. However, investors will pay more attention to the nonfarm payrolls report from the US. According to a Reuters poll of analysts, the US economy probably added 200,000 new jobs, which would be the weakest increase since December 2020. Estimates ranged from 150,000 to 240,000. Five of the last six jobs reports have exceeded consensus expectations, and a sixth positive report could result in higher USD/CAD prices. Get FREE Forex Signals Now! USD/CAD weekly technical forecast: Bears to pounce 1.3251 Looking at the daily chart, we see the price trading below the 22-SMA and the RSI below 50 favoring bearish momentum. The previous bullish trend found strong resistance at the 1.3802 level. After many failed attempts and a bearish RSI divergence, the price broke below the 22-SMA to start the bearish trend. Since then, the price has made consecutive lower lows and lower highs, further confirming the bearish trend. –Are you interested in learning more about AI trading brokers? Check our detailed guide- Bears currently face strong support at 1.3253 and have allowed bulls to return for a 22-SMA retest. If bears can come back as strong as they were before, the price will likely break below 1.3253 next week. However, if bulls get stronger, the price might break above the 22-SMA and 1.3500 resistance to retest the 1.3802. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Canadian Dollar Forecast share Read Next AUD/USD Outlook: Bearish amid Ongoing Demonstrations in China Saqib Iqbal 2 months Preliminary data showed that Canada's retail sales increased in October. The FOMC minutes confirmed policymakers were ready to move in smaller steps. Investors are awaiting the US nonfarm payrolls report. The USD/CAD weekly forecast is bearish as this week's bearish trend will likely extend to next week, given the weakening dollar. Ups and downs of USD/CAD On Tuesday, the Canadian dollar climbed against the US dollar as investor risk appetite increased, and preliminary domestic data showed that Canada's retail sales increased in October. -Are you interested in learning more about spread betting brokers? Check our detailed guide- The minutes from… 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.