USD/CAD Outlook (4th September 2019)

U.S. Dollar/Canadian Dollar FX:USDCAD

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Overall, USD/CAD is trending upwards. Recently, USD/CAD has been trending upwards.

The Canadian Trade Balance data will be released at 2030 (SGT).
Trade Balance (Forecast: 0.2B, Previous: 0.1B)
If the released data is higher than or as forecasted, the Canadian dollar may strengthen.
Note that a positive trade balance figure implies that more goods were exported than imported, which is good for the country’s economy.

The Bank of Canada will be announcing their interest rate decision at 2200 (SGT).
It is expected that the rate will remain unchanged.
Look for hints of possible future rate change in the released rate statement.

Currently, USD/CAD is testing the support level of 1.33300. Its next resistance level is at 1.35000.

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