Our USDCAD forecast comes on the back of a strong sell-off in the last hours yesterday (Monday 5 July) and the pair is now located at 1.2351 above today’s low at 1.2306. The pair failed to stabilize above the weekly pivot point (1.2354) signalling strong pressure. The Canadian Dollar has taken the lead as the DXY is under massive pressure after the US Unemployment Rate has increased unexpectedly from 5.8% to 5.9% in June. The USD buyers were disappointed as the specialists had expected a potential drop to 5.6%. USDCAD forecast – Bust-up at OPEC+ But also in the picture today is the impact of the oil price on CAD, with the bust-up at the OPEC+ meeting sending crude higher and adding to volatility in USDCAD. No agreement has been reached on increasing crude production, which means the current limits should – theoretically – still apply. Get FREE Forex Signals Now! Personally, I believe that USD/CAD could develop a new upward movement if the FOMC Meeting Minutes report turns out to be more hawkish. In the short term, USD/CAD could resume its drop. The retreat could help us to catch new upside movements, although it may be limited by oil prices heading further north. USD/CAD will be influenced by the US and Canadian high-impact economic data during the week. Canada is to release its Employment Change and the Unemployment Rate on Friday. Today, the US ISM Services PMI could shake the pair. For those of you interested in forex day trading on the economic data this week, you should check out our guide. USD/CAD forecast technical analysis – pressure at 50% retracement level In today’s USDCAD forecast technical analysis we note that the pair has rebounded a little but it has failed to stabilize above the weekly pivot point signalling a potential downside movement towards the descending pitchfork’s median line (ml). Currently the price is pressuring the 50% retracement level, closing and staying under this level could really indicate more declines. Technically, only an upside breakout above the descending pitchfork’s upper median line (uml) could really announce an upside continuation. The S1 (1.2258) and the median line (ml) are seen as major downside targets. We’ll see what will really happen in the short term. USD/CAD could move sideways and it could develop a triangle pattern. The decline yesterday has helped the pair to catch a new leg higher. The US Dollar Index is also expected to increase this week after its temporary decline. To find the best forex broker for your needs , check out one of our many guides, covering different countries, tools, automation, dealing costs and much more besides. 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. Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Canadian Dollar ForecastMajors share Read Next Free Forex Signals and Forecast: Buy GBP/USD – 6 July 2021 Gary McFarlane 5 months Our USDCAD forecast comes on the back of a strong sell-off in the last hours yesterday (Monday 5 July) and the pair is now located at 1.2351 above today's low at 1.2306. The pair failed to stabilize above the weekly pivot point (1.2354) signalling strong pressure. The Canadian Dollar has taken the lead as the DXY is under massive pressure after the US Unemployment Rate has increased unexpectedly from 5.8% to 5.9% in June. The USD buyers were disappointed as the specialists had expected a potential drop to 5.6%. USDCAD forecast - Bust-up at OPEC+ But also in the picture… Top 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.