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USD/CAD Outlook (03 May 2021)

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USD/CAD Outlook (03 May 2021)

ByJin Dao Tai

 MAY 3, 2021

USD/CAD Outlook (03 May 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: NAPrevious: 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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