USD/CAD Outlook (27 September 2021) Long

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Sep 27, 2021 12:23 AM

Overall, USD/CAD is trending upwards. Recently, USD/CAD bounced down from the key level of 1.27.

The Canadian retail sales data released yesterday indicated a decline in consumer spending in July as Canada was in the process of lifting restrictions.

Core Retail Sales m/m (Actual: -1.0%, Forecast: -1.5%, Previous: 4.8% revised from 4.7%)
Retail Sales m/m (Actual: -0.6%, Forecast: -1.2%, Previous: 4.2%)

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.