A look ahead into next week on USDCAD

9 Jun 2018

USDCAD has been ranging for some time now with no clear direction. Price has found strong resistance area at 1.303 area, attempting multiple times to break and failed. 4H seems to be supporting that nice trend line going up making HL. With a lot of high impacting USD news next week and FOMC interest rate Decision, I think price will give a clear direction to where this pair will be heading. I believe if we bounce of the support trend line, price will go back to retest the 1.3030 area and fill in those daily wicks and possibly break to the upside where we can see price reach 1.3100. However, if price breaks through the trend-line and breaks the 1.29 zone, price will head further down to the next demand zone at 1.28200 area and possible further down to the 1.27500 area. These are just my personal thoughts and my personal for the upcoming week.