USD/CAD Outlook (26 July 2021)

#OPINIONLEADER#

ByJin Dao Tai

 JUL 26, 2021

Overall, USD/CAD is trending upwards.

The Canadian retail sales m/m data released last Friday indicated continued decline in consumer spending in May due to the third wave of the COVID-19 pandemic.

• Core Retail Sales m/m (Actual: -2.0%, Forecast: -1.6%, Previous: -7.3% revised from -7.2%)
• Retail Sales m/m (Actual: -2.1%, Forecast: -3.0%, Previous: -5.6% revised from -5.7%)

Currently, USD/CAD is moving towards the resistance zone of 1.26100 and the next support zone is at 1.24500.

Look for short-term selling opportunities of USD/CAD if it bounces off the resistance zone of 1.26100.