USD/CAD Outlook (07 May 2021)

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USD/CAD Outlook (07 May 2021)

ByJin Dao Tai

 MAY 7, 2021

USD/CAD Outlook (07 May 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the support zone of 1.22400.

The Canadian employment data will be released later at 2030 (SGT).

  • Employment Change (Forecast: -160.5KPrevious: 303.1K)
  • Unemployment Rate (Forecast: 7.8%Previous: 7.5%)

The Canadian Ivey PMI data (Forecast: 67.0Previous: 72.9) will be released later at 2200 (SGT).

USD/CAD’s next support zone is at 1.21000 and the next resistance zone is at 1.22400.

Look for short-term selling opportunities of USD/CAD up until the release of the Canadian employment data at 2030 (SGT).

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