USD/CAD Outlook (02 December 2021)
Overall, USD/CAD is trending upwards.
The Canadian Manufacturing PMI data (Actual: 57.2, Forecast: NA, Previous: 59.1) released yesterday indicated a slight slowdown in the pace of expansion of the manufacturing sector in November.
The OPEC+ will be meeting today. Pay attention to the organization’s view on the Omicron variant of the COVID virus and how it will impact oil production quota in the near future. During this time, there may be volatility in CAD.
Currently, USD/CAD is testing to break above the key level of 1.28. Its next support zone is at 1.26100 and the next resistance zone is at 1.29000.
If the OPEC+ deliver any signs of pessimism such as having to consider cutting production hike, look for short-term buying opportunities of USD/CAD if it breaks above the key level of 1.28.
The Canadian Manufacturing PMI data (Actual: 57.2, Forecast: NA, Previous: 59.1) released yesterday indicated a slight slowdown in the pace of expansion of the manufacturing sector in November.
The OPEC+ will be meeting today. Pay attention to the organization’s view on the Omicron variant of the COVID virus and how it will impact oil production quota in the near future. During this time, there may be volatility in CAD.
Currently, USD/CAD is testing to break above the key level of 1.28. Its next support zone is at 1.26100 and the next resistance zone is at 1.29000.
If the OPEC+ deliver any signs of pessimism such as having to consider cutting production hike, look for short-term buying opportunities of USD/CAD if it breaks above the key level of 1.28.