USD/CAD Outlook (16 September 2020)
Overall, USD/CAD is ranging across.
Yesterday, the U.S. announced the scrapping of the 10% aluminum tariff on Canada after they expect imports to decline. However, in a scenario whereby the declined amount is not as expected, tariffs will be applied to the excess imports.
The Canadian CPI m/m data (Forecast: 0.1%, Previous: 0.0%) will be released later at 2030 (SGT).
Currently, USD/CAD is testing the resistance zone of 1.31800 and the next support zone is at 1.29800.
If the released CPI data is better than forecasted, look for short-term selling opportunities of USD/CAD if it bounces off the resistance zone of 1.31800.
Yesterday, the U.S. announced the scrapping of the 10% aluminum tariff on Canada after they expect imports to decline. However, in a scenario whereby the declined amount is not as expected, tariffs will be applied to the excess imports.
The Canadian CPI m/m data (Forecast: 0.1%, Previous: 0.0%) will be released later at 2030 (SGT).
Currently, USD/CAD is testing the resistance zone of 1.31800 and the next support zone is at 1.29800.
If the released CPI data is better than forecasted, look for short-term selling opportunities of USD/CAD if it bounces off the resistance zone of 1.31800.
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