ByJin Dao Tai
JUL 1, 2021
Overall, USD/CAD is trending upwards.
The Canadian GDP m/m data (Actual: -0.3%, Forecast: -0.8%, Previous: 1.3% revised from 1.1%) released yesterday indicated a decline in economic growth in April due to the reinstatement of lockdown measures in an attempt to curb the third wave of COVID-19.
OPEC+ meetings will be held today. During this time, there may be volatility in CAD.
Canadian banks will be closed today in observance of Canada Day. Expect lower trading volatility and volume during the usual Canadian market hours.
Currently, USD/CAD is testing to break above the key level of 1.24. Its next support zone is at 1.22600 and the next resistance zone is at 1.24800.
Look for short-term buying opportunities of USD/CAD if it breaks above the key level of 1.24.
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