USD/CAD Outlook (24 June 2021)

#OPINIONLEADER#

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.