The Canadian dollar reversed directions last week, dropping 180 points. USD/CAD closed the week at the 1.33 line. There is just one event on the schedule this week. Here is an outlook on the major market- movers and an updated technical analysis for USD/CAD. In the US, Philly Fed Manufacturing Index continued to climb higher and unemployment claims beat expectations for a fourth straight week. Canadian inflation numbers remained soft, as CPI disappointed with a second straight decline. [do action=”autoupdate” tag=”USDCADUpdate”/]USD/CAD daily graph with support and resistance lines on it. Click to enlarge: Wholesale Sales: Monday, 13:30. This event is a leading indicator of consumer confidence. The indicator rebounded in October with a strong gain of 1.1%, crushing the forecast of 0.3%. The markets are expecting a much smaller gain of 0.3% in the November report. * All times are GMT USD/CAD Technical Analysis USD/CAD opened the week at 1.3127 and quickly dropped to a low of 1.3011, as support held at 1.3003 (discussed last week). It was all uphill from there, as the pair rose sharply and climbed to a high of 1.3388. USD/CAD was unable to consolidate at this level and closed at 1.3306. Live chart of USD/CAD: USDCAD chart by TradingView Technical lines, from top to bottom We start with resistance at 1.3672. 1.3551 is next. 1.3433 was the high point in October. 1.3351 was tested in resistance as USD/CAD posted sharp gains. 1.3219 has switched to a support role. 1.3124 is next. 1.3003 is protecting the symbolic 1.30 level. 1.2908 has held in support since September 2016. It is the final support line for now. I am bullish on USD/CAD The US economy continues to fire on all four cylinders and if inflation picks up, the Fed will likely step in with additional rate hikes which is bullish for the US dollar. Our latest podcast is titled Monetary Matters – FED, ECB and BOE movements Follow us on Sticher or iTunes Further reading: For EUR/USD, check out the Euro to 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 kiwi, see the NZDUSD forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Canadian Dollar ForecastMinorsWeekly Forex Forecasts share Read Next AUD/USD Forecast Jan. 23-27 Kenny Fisher 6 years The Canadian dollar reversed directions last week, dropping 180 points. USD/CAD closed the week at the 1.33 line. There is just one event on the schedule this week. Here is an outlook on the major market- movers and an updated technical analysis for USD/CAD. In the US, Philly Fed Manufacturing Index continued to climb higher and unemployment claims beat expectations for a fourth straight week. Canadian inflation numbers remained soft, as CPI disappointed with a second straight decline. [do action="autoupdate" tag="USDCADUpdate"/] USD/CAD daily graph with support and resistance lines on it. Click to enlarge: Wholesale Sales: Monday, 13:30. This event… 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.
