ByJin Dao Tai
MAY 14, 2021
Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced off the support zone of 1.21000.
During his speech yesterday, Bank of Canada (BoC) Governor Macklem highlighted that inflation is Canada is expected to hit the 3% level in the near future. He also highlighted the concern of a stronger Canadian dollar, saying that it will become an issue for export forecasts.
USD/CAD’s next support zone is at 1.21000 and the next resistance zone is at 1.22400.
Look for short-term buying opportunities of USD/CAD.
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