USDCAD WEEKLY FORECAST::::MARKET PRICE EXPECT TO CONTINUE RECORDING HIGHER HIGHS

The Canadian dollar is having a miserable January, as the currency headed downwards for the third straight week. USD/CAD gained over one cent on the week, closing at 1.1086. This week’s only event is GDP. Here is an outlook on the major events and an updated technical analysis for USD/CAD.
In the US, Unemployment Claims had another good week, beating the estimate. In Canada, CPI readings were below the zero level, pointing to deflation, which is indicative of an underperforming economy. The loonie took a hit after the Bank of Canada maintained rates and stated that it is concerned with weak inflation.
Updates: 

1. GDP: Friday, 13:30. GDP is one of the most important economic indicators, and the reading often affects the movement of USD/CAD. The indicator is released monthly, unlike many other countries that post GDP each quarter. GDP has posted three straight readings of 0.3%, each time beating the estimate. The markets are forecasting a reading of 0.2% for December. Will the indicator again beat the estimate?

TECHNICAL BEAM

  

Our analysis of this pair since towards the end of 2013 has remained unshakeably so.  The reason for this behavior is not far fetched from the fact that the United States Greenback is majorly a far stronger currency as opposite the Canadian dollar and could possibly be a benchmark for this reason. Hence, this week would see no difference in the bullish pressure as market prices continue breaking into higher highs. bullish target for this week trading is estimated to be 1.1201, which is just a completion of the wave leg v.

NOTE: Price predictions produced by FibonacciPrice&PatternTrader may be affected by unforeseen events like hurricane, earth quake, flood and other natural disasters consequently changing price patterns already predicted. Hence we advice strict adherence to money management techniques.

HAPPY TRADING