USD/CAD Outlook (09 December 2021)
Overall, USD/CAD is trending upwards. Recently, USD/CAD bounced off the support zone of 1.26100.
The Bank of Canada (BoC) kept its monetary policy unchanged during their meeting yesterday. On the matter of COVID Omicron variant, the central bank highlighted the renewed uncertainty caused by it “could weigh on growth by compounding supply chain disruptions and reducing demand for some services”. Nonetheless, the BoC is still expecting its 2% inflation target to be sustainably achieved in the middle quarters of 2022.
The Canadian Governing Council member Gravelle will be speaking tomorrow at 1500 (GMT+8).
During this time, there may be volatility in CAD.
USD/CAD’s 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.
The Bank of Canada (BoC) kept its monetary policy unchanged during their meeting yesterday. On the matter of COVID Omicron variant, the central bank highlighted the renewed uncertainty caused by it “could weigh on growth by compounding supply chain disruptions and reducing demand for some services”. Nonetheless, the BoC is still expecting its 2% inflation target to be sustainably achieved in the middle quarters of 2022.
The Canadian Governing Council member Gravelle will be speaking tomorrow at 1500 (GMT+8).
During this time, there may be volatility in CAD.
USD/CAD’s 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.
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