USD/CAD Outlook (07 June 2021)
ByJin Dao Tai
JUN 7, 2021
Overall, USD/CAD is ranging across. Recently, USD/CAD rejected the resistance zone of 1.21000 after the release of the weaker than expected U.S. jobs report.
The Canadian jobs report released last Friday indicated continued decline in jobs in May caused by the third-wave COVID restrictions imposed across Canada with Ontario and Nova Scotia accounting for the highest number of employment decline. Unemployment rate inched higher as forecasted.
- Employment Change (Actual: -68.0K, Forecast: -23.5K, Previous: -207.1K)
- Unemployment Rate (Actual: 8.2%, Forecast: 8.2%, Previous: 8.1%)
The Canadian Ivey PMI data (Actual: 64.7, Forecast: 62.3, Previous: 60.6) released last Friday indicated a strong increase in the pace of expansion of business activities.
Currently, USD/CAD is moving towards the resistance zone of 1.21000 and the next support zone is at 1.19000.
Look for short-term selling opportunities of USD/CAD.
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