Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced down from the key level of 1.29.
The Canadian GDP m/m data (Actual: 0.4%, Forecast: 0.3%, Previous: 0.8%) indicated a slowdown in economic growth in October.
Canadian banks will be closed today in observance of Boxing Day. Expect lower than usual trading volatility and volume during the Canadian market session.
USD/CAD’s next support zone is at 1.27900 and the next resistance zone is at 1.29800. Look for short-term buying opportunities of USD/CAD.