USD/CAD Outlook (28 October 2021)
ByJin Dao Tai
OCT 28, 2021
Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced off the resistance zone of 1.24500 and broke below the 1.24 key level.
During the monetary policy meeting yesterday, the Bank of Canada (BoC) surprised the market by ending its quantitative easing (QE) amid the expectation of a C$1 billion per week tapering. Furthermore, the central bank has revised its expectation that the 2% inflation target will be hit from the previous timeline of “second half of 2022” to “sometime in the middle quarters of 2022”. As a result, the Canadian dollar strengthened.
USD/CAD’s next support zone is at 1.22600 and the next resistance zone is at 1.24500.
Look for short-term selling opportunities of USD/CAD.
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