USD/CAD Outlook (07 May 2021)

Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the support zone of 1.22400.

The Canadian employment data will be released later at 2030 (SGT).

• Employment Change (Forecast: -160.5K, Previous: 303.1K)
  
• Unemployment Rate (Forecast: 7.8%, Previous: 7.5%)
  

The Canadian Ivey PMI data (Forecast: 67.0, Previous: 72.9) will be released later at 2200 (SGT).

USD/CAD’s next support zone is at 1.21000 and the next resistance zone is at 1.22400.
Look for short-term selling opportunities of USD/CAD up until the release of the Canadian employment data at 2030 (SGT).