Overall, USD/CAD is ranging across.
The Canadian GDP m/m data (Actual: 0.7%, Forecast: TBA, Previous: -0.5% revised from -0.3%) released yesterday indicated a rebound from economic contraction in June as COVID restrictions started easing.
The OPEC+ meeting will be held today. Yesterday, Kuwait’s oil minister said that the OPEC+ may reconsider the production hike agreement made last month. This is due to the continued rise in COVID cases which may impact the demand of oil. During this time, there may be volatility in CAD.
Currently, USD/CAD is testing the support zone of 1.26100 and the next resistance zone is at 1.29000.
Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.26100.
The Canadian GDP m/m data (Actual: 0.7%, Forecast: TBA, Previous: -0.5% revised from -0.3%) released yesterday indicated a rebound from economic contraction in June as COVID restrictions started easing.
The OPEC+ meeting will be held today. Yesterday, Kuwait’s oil minister said that the OPEC+ may reconsider the production hike agreement made last month. This is due to the continued rise in COVID cases which may impact the demand of oil. During this time, there may be volatility in CAD.
Currently, USD/CAD is testing the support zone of 1.26100 and the next resistance zone is at 1.29000.
Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.26100.
Free trading community: discord.gg/kPDXU2ZaDt