USD/CAD Outlook (23 July 2020)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended lower into the key level of 1.34.

The Canadian CPI m/m data released yesterday indicated an increase in inflation for June, with food and shelter prices contributed the most to the increase.

• CPI m/m (Actual: 0.8%, Forecast: 0.4%, Previous: 0.3%)
  
• Core CPI m/m (Actual: 0.4%, Forecast: NA, Previous: -0.1%)
  

USD/CAD’s next support zone is at 1.33800 and the next resistance zone is at 1.35100.
Look for short-term selling opportunities of USD/CAD up until the release of the CPI data at 2030 ( SGT ).