USD/CAD Outlook (03 May 2021)
MAY 3, 2021
Overall, USD/CAD is trending downwards. Recently, USD/CAD tested and failed to break above the key level of 1.23.
The Canadian GDP m/m data (Actual: 0.4%, Forecast: 0.5%, Previous: 0.7%) released last Friday indicated a slowdown in economic growth in February.
The Canadian Manufacturing PMI data (Forecast: NA, Previous: 58.5) will be released later at 2130 (SGT).
Currently, USD/CAD is moving towards the support zone of 1.22400 and the next resistance zone is at 1.23800.
Look for selling opportunities of USD/CAD if it breaks the support zone of 1.22400.
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