USD/CAD Outlook (08 December 2021)
Overall, USD/CAD is trending upwards. Recently, USD/CAD broke below the key level of 1.27.
The Canadian Ivey PMI data (Actual: 61.2, Forecast: 60.2, Previous: 59.3) released yesterday indicated a faster pace of expansion in business activities in November.
The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). It is expected that the central bank will be keeping monetary policy unchanged. Nonetheless, pay attention to the BoC’s view on how the Omicron COVID variant will impact their policy decision in the near future.
Currently, USD/CAD is moving towards the support zone of 1.26100 and the next resistance zone is at 1.29000.
Look for short-term buying opportunities of USD/CAD if it bounces off the support zone of 1.26100.
The Canadian Ivey PMI data (Actual: 61.2, Forecast: 60.2, Previous: 59.3) released yesterday indicated a faster pace of expansion in business activities in November.
The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). It is expected that the central bank will be keeping monetary policy unchanged. Nonetheless, pay attention to the BoC’s view on how the Omicron COVID variant will impact their policy decision in the near future.
Currently, USD/CAD is moving towards the support zone of 1.26100 and the next resistance zone is at 1.29000.
Look for short-term buying opportunities of USD/CAD if it bounces off the support zone of 1.26100.