USD/CAD Outlook (5 December 2019)

Overall, USD/CAD is moving across. Recently, USD/CAD plunged after the Bank of Canada (BoC) kept interest rate unchanged at 1.75% and highlighted in the statement that “the global economy is stabilizing”. The release of the worse than forecasted U.S. ISM non-manufacturing PMI data also caused the U.S. dollar to weaken, pushing USD/CAD lower.
Currently, USD/CAD is testing the support level of 1.31800 and the next resistance level is at 1.33300.
Look for selling opportunities of USD/CAD if it breaks the support level of 1.31800.