Soaring oil prices boosted the Canadian dollar last week. Investors expect employment change in Canada to increase. The bears could experience some support at 1.2500. The weekly USD/CAD forecast is bearish as the oil prices are expected to continue the upside, weighing on the loonie. Ups and downs of USD/CAD This past week has seen USD/CAD close on a bearish candle. Most of this move can be attributed to the recent ban on Russian oil, which favored the Canadian dollar. The EU summit held on Monday and Tuesday ended with an agreement to ban 90% of Russian oil imports. -Are you interested in learning about the best AI trading forex brokers? Click here for details- This ban pushed oil prices up and consequently pushed USD/CAD lower. There was some relief from supply concerns when Saudi Arabia announced that it would increase production, but it was short-lived as oil prices resumed their move higher. The Canadian dollar was also boosted by the positive GDP data from Canada on Tuesday, which came in higher than forecast. The Bank of Canada on Wednesday held interest rates at 1.50%. The pair closed higher on Friday after the positive NFP data from the US. Next week’s key events for USD/CAD The USD/CAD traders will be paying attention to news releases from the US and Canada this coming week. Canada will be reporting the difference in value between imported and exported goods for April with the trade balance report. There will also be a jobs report on Friday which will show the employment change and unemployment rate for May. The United States will be reporting inflation data for May on Friday. Investors expect core inflation to go down to 5.9% from 6.2%. Get FREE Forex Signals Now! USD/CAD weekly technical forecast: Bears eying 1.2500 Looking at the daily chart, we see the price is still trading within the bullish channel, and last week bears pushed the price towards the channel’s support. RSI is trading below the 50 mark showing bearish momentum. The price is also trading below the 22-SMA and could keep this trend next week. -Are you interested in learning about the forex indicators? Click here for details- The channel’s support could stop the move down and push the price higher. At the same time, there is the possibility of a break of support given the strong move we saw last week. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% 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 EUR/USD Weekly Forecast: ECB Meeting May Help Bulls Test 1.1000 Saqib Iqbal 8 months Soaring oil prices boosted the Canadian dollar last week. Investors expect employment change in Canada to increase. The bears could experience some support at 1.2500. The weekly USD/CAD forecast is bearish as the oil prices are expected to continue the upside, weighing on the loonie. Ups and downs of USD/CAD This past week has seen USD/CAD close on a bearish candle. Most of this move can be attributed to the recent ban on Russian oil, which favored the Canadian dollar. The EU summit held on Monday and Tuesday ended with an agreement to ban 90% of Russian oil imports. -Are… 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.