ByJin Dao Tai
JUN 10, 2021
Overall, USD/CAD is ranging across.
During the monetary policy meeting yesterday, the Bank of Canada (BoC) held policy unchanged. The central bank acknowledged that economic growth during the first quarter was robust despite the second wave of the virus. However, the return of lockdowns due to a third wave are affecting negatively on economic activities. Nonetheless, the BoC remains optimistic in a strong economic rebound as vaccinations are administered at a faster pace and lockdown restrictions are likely going to be eased.
Currently, USD/CAD is testing the resistance zone of 1.21000 and the next support zone is at 1.19000.
Look for short-term buying opportunities of USD/CAD if it breaks the resistance zone of 1.21000.
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