USD/CAD Outlook (20 May 2021)
ByJin Dao Tai
MAY 20, 2021
Overall, USD/CAD is trending downwards. Recently, USD/CAD trended into the resistance zone of 1.21000 due to the strengthening of USD as a result of the released hawkish FOMC meeting minutes.
The Canadian CPI m/m data (Actual: 0.5%, Forecast: 0.2%, Previous: 0.5%) released yesterday indicated that inflation in April continued to rise at the same pace as in March.
Bank of Canada Governor Tiff Macklem will be speaking later at 2300 (SGT). During this time, there may be volatility in CAD.
Currently, USD/CAD is testing the resistance zone of 1.21000 and the next support zone is at 1.19000.
Look for short-term buying opportunities of USD/CAD if it breaks the resistance zone of 1.21000.
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