USD/CAD Outlook (03 August 2020)

FX:USDCAD   U.S. Dollar / Canadian Dollar
Overall, USD/CAD is trending downwards. Recently, USD/CAD rejected the support zone of 1.33800.

The Canadian GDP m/m data (Actual: 4.5%, Forecast: 3.5%, Previous: -11.7% revised from -11.6%) released last Friday indicated a recovery in economic growth for the month of May after two consecutive months of negative growth.

Canadian banks will be closed today in observance of Civic Day. Expect lower trading volatility and volume during the Canadian market session.

USD/CAD’s next support zone is at 1.33800 and the next resistance zone is at 1.35100.
Look for selling opportunities of USD/CAD .


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