Technical Outlook :Outlook in USDCAD remains neutral with risk to the upside , support comes at the 1.1168 levels , stability above this level on a weekly closing basis could mean a return to the 1.1466 levels , a break would open 1.1722 next , further upside will aim the 1.1980 levels.
On the downside , support comes at the 1.1168 levels , losing this level on a weekly closing basis will turn outlook towards the 1.0943 levels , further losses will open the 1.0619 levels.
In all , as long as support 1.1168 holds on a weekly closing basis , outlook in USDCAD remains on the upside towards the 1.1466 levels where a break would open 1.1722 levels , a clear break below the 1.1168 will bring corrective pullback towards the 1.0943 levels before the next possible rise.
Support and resistance : 1.0619 ,1.0630, 1.0943 , 1.1168 , 1.1466 , 1.1722 , 1.1980
Key data/events which may influence USDCAD next week :
Tuesday Nov 18 2014
- US will release its data on PPI (m.m).
Wednesday Nov 19 2014
- US will release its data on Building Permits followed by FOMC Meeting Minutes.
Thursday Nov 20 2014
- Canada will release its data on Wholesale Sales (m.m).
- US will release its data on CPI (m/m ) and Core CPI (m/m) followed by its weekly report on Initial Jobless Claims and Philadelphia Fed Manufacturing Index.
Friday Nov 21 2014
- Canada will release it data on Core CPI (m/m).
Events will be discussed during the week.
- A weekly closing below the 1.1168 levels will bring a corrective pullback towards the 1.0943 levels before the next rise.
- Stability above the 1.1168 levels on a weekly closing basis will keep the bullish momentum intact .
- Watch out for news near support and resistance levels.