ByJin Dao Tai
JUN 24, 2021
Overall, USD/CAD is trending upwards. Recently, USD/CAD bounced off the support zone of 1.22400.
The Canadian retail sales data released yesterday indicated a decline in consumer spending in April due to the third wave of the pandemic.
- Core Retail Sales m/m (Actual: -7.2%, Forecast: -4.4%, Previous: 5.4% revised from 4.3%)
- Retail Sales m/m (Actual: -5.7%, Forecast: -5.1%, Previous: 4.5% revised from 3.6%)
Currently, USD/CAD is testing to break above 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 short-term selling opportunities of USD/CAD if it bounces down from the key level of 1.23.
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