USDCAD Forecast Ahead of Canada GDP Data

The USDCAD pair retreated on Monday as investors reflected on the new Omicron variant and the trends in crude oil prices. The pair was trading at 1.2743 on Monday morning. This was slightly lower than last week’s high of 1.2800.

Major drivers this week are US and Canada key economic numbers:
- The US will publish the latest pending home sales numbers on Monday
- Bank of Canada’s Tiff Macklem will speak on Monday
- Tuesday, Canada’s statistics agency will deliver the latest GDP
- US and Canada jobs numbers that will come out on Friday

Learn more about fundamentals of this forecast here https://forexezy.com/usdcad-forecast-ahead-of-canada-gdp-data

USDCAD pair has been in a strong bullish trend in the past few weeks. We can see the clear price channel on a chart below:


As 1.28 is considered a major resistance level, I expect the short term price drawdown to 1.27000