#OPINIONLEADER#

ByJin Dao Tai

 APR 29, 2021

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the support zone of 1.23800.

The Canadian retail sales m/m data released yesterday indicated a recovery in consumer spending in February.

• Core Retail Sales m/m (Actual: 4.8%, Forecast: 3.4%, Previous: -0.1% revised from -1.2%)
• Retail Sales m/m (Actual: 4.8%, Forecast: 4.0%, Previous: 0.0% revised from -1.1%)

Currently, USD/CAD is testing to break below the key level of 1.23. Its next support zone is at 1.22400 and the next resistance zone is at 1.23800.

Look for selling opportunities of USD/CAD if it breaks below the key level of 1.23.

Be sure to follow me on Twitter at @jdtai and on TradingView at Jin_LCMSTraders for my latest post!