USD/CAD Outlook (16 June 2021)
JUN 16, 2021
Overall, USD/CAD is trending upwards. Recently, USD/CAD trended up and bounced down from the key level of 1.22.
The Canadian Housing Starts data (Actual: 276K, Forecast: 271K, Previous: 267K revised from 269K) released yesterday indicated an increase in the number of residential buildings that began construction in May.
The Canadian CPI m/m data (Forecast: 0.4%, Previous: 0.5%) will be released later at 2030 (GMT+8).
Bank of Canada Governor Macklem will be speaking tomorrow at 0645 (GMT+8). During this time, there may be volatility in CAD.
USD/CAD’s next support zone is at 1.21000 and the next resistance zone is at 1.22400.
Look for short-term buying opportunities of USD/CAD up until the U.S. FOMC meeting tomorrow at 0200 (GMT+8).
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