USD/CAD Outlook (03 December 2021)
Overall, USD/CAD is trending upwards.
Yesterday, the OPEC+ concluded its monthly meeting by sticking to the 400,000 barrels-per-day of oil production hike for January 2022. Also, the organization said that it will evaluate the market conditions and make ad hoc changes to production quota if necessary amid the uncertainty caused by the Omicron variant.
The Canadian employment data will be released later at 2130 (GMT+8).
Currently, USD/CAD is testing to break above the key level of 1.28. Its next support zone is at 1.26100 and the next resistance zone is at 1.29000.
Look for short-term buying opportunities of USD/CAD up until the release of the Canadian employment data if it breaks above the key level of 1.28.
Yesterday, the OPEC+ concluded its monthly meeting by sticking to the 400,000 barrels-per-day of oil production hike for January 2022. Also, the organization said that it will evaluate the market conditions and make ad hoc changes to production quota if necessary amid the uncertainty caused by the Omicron variant.
The Canadian employment data will be released later at 2130 (GMT+8).
- Employment Change (Forecast: 36.5K, Previous: 31.2K)
- Unemployment Rate (Forecast: 6.6%, Previous: 6.7%)
Currently, USD/CAD is testing to break above the key level of 1.28. Its next support zone is at 1.26100 and the next resistance zone is at 1.29000.
Look for short-term buying opportunities of USD/CAD up until the release of the Canadian employment data if it breaks above the key level of 1.28.