ByJin Dao Tai
MAY 10, 2021
Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced down from the key level of 1.22.
The Canadian employment data released last Friday a strong decline in jobs in April while unemployment rate rose as a result of the month-long nationwide lockdowns in Canada.
- Employment Change (Actual: -207.1K, Forecast: -160.5K, Previous: 303.1K)
- Unemployment Rate (Actual: 8.1%, Forecast: 7.8%, Previous: 7.5%)
The Canadian Ivey PMI data (Actual: 60.6, Forecast: 67.0, Previous: 72.9) released indicated a strong slowdown in business activities in April.
Currently, USD/CAD is testing the support zone of 1.21000 and the next resistance zone is at 1.22400.
Look for selling opportunities of USD/CAD if it breaks the support zone of 1.21000.
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