USD/CAD Outlook (10 May 2021)

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USD/CAD Outlook (10 May 2021)

ByJin Dao Tai

 MAY 10, 2021

USD/CAD Outlook (10 May 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced down from the key level of 1.22.

The Canadian employment data released last Friday a strong decline in jobs in April while unemployment rate rose as a result of the month-long nationwide lockdowns in Canada.

  • Employment Change (Actual: -207.1KForecast: -160.5KPrevious: 303.1K)
  • Unemployment Rate (Actual: 8.1%Forecast: 7.8%Previous: 7.5%)

The Canadian Ivey PMI data (Actual: 60.6Forecast: 67.0Previous: 72.9) released indicated a strong slowdown in business activities in April.

Currently, USD/CAD is testing the support zone of 1.21000 and the next resistance zone is at 1.22400.

Look for selling opportunities of USD/CAD if it breaks the support zone of 1.21000.

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