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USDCAD overview 05.07.2021

USDCAD rises on CAD weakness.

USDCAD under the bullish pressure today as the result of the strong bearish Canadian dollar sentiment seen across the fx markets today – as trader attention turned to the release of the summer issue of the Bank of Canada’s Business Outlook Survey. The Business Outlook Survey is due for release at 1430 GMT later today. It could offer clues on the Bank of Canada’s policy outlook, with some analysts expecting the bank to cut bond purchases again at next week’s policy announcement – which would be bearish for CAD. The pair is also driven up by safe-haven inflows into the U.S. dollar on worries about spread of the Delta variant of COVID-19 across the globe.

Expect buyers on downward corrections.

Next resistance to watch – 1.245

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