CAD - USD retreats from double top, CAD stays steady

In the trend of USD/CAD, the exchange rate hit a high of 1.3667 on April 28, and just reached a high of 1.3654 on May 26. After that, the USD fell back step by step, and there is a chance that the technical double-top will delay the adjustment situation. For the current supporting level, first look at the 25-day average line at 1.3510, and the key is at the 250-day average line. The low exchange rate in the past two months has also found support on this indicator. It is currently at the level of 1.3380. The next key level point is to pay attention to the low point of the year at 1.3260. Be careful If the market outlook loses this area, USD/CAD will turn weak. It is expected to extend support to 1.3130 to 1.30 points. As for the upper resistance, it is estimated that the 1.37 level has not been broken twice in the near future, and the next level is expected to be 1.38 level.

Focus:
Wednesday: Canadian trade data for April (20:30)
Bank of Canada interest rate decision (22:00)
Friday: Canadian employment data for May (20:30)

Estimated volatility:
Resistance 1.3700 – 1.3800
Support 1.3510 – 1.3380 - 1.3260* - 1.3130

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