ByJin Dao Tai
JUL 19, 2021
Overall, USD/CAD is trending upwards.
The Canadian Housing Starts data (Actual: 282K, Forecast: 269K, Previous: 276) released last Friday indicated continued increase in the number of residential buildings that began construction in June.
OPEC+ meeting was resumed over the weekend. In the agreed deal, the group will be increasing oil production on a monthly basis by 400,000 barrels-per-day starting from August. Also, the OPEC+ intends to phase out 5.8 million bpd of oil production cuts by September 2022. The agreement also sees the increase of production baseline for five members, namely the UAE, Saudi Arabia, Iraq, Kuwait and Russia.
Currently, USD/CAD is testing the resistance zone of 1.26100 and the next support zone is at 1.24800.
Look for short-term buying opportunities of USD/CAD if it breaks the resistance zone of 1.26100.
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