USD/CAD Outlook (16 June 2021)

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USD/CAD Outlook (16 June 2021)

ByJin Dao Tai

 JUN 16, 2021

USD/CAD Outlook (16 June 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: 276KForecast: 271KPrevious: 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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