USD/CAD Outlook (18 December 2019)

Overall, USD/CAD is trending downwards. Recently, USD/CAD has been hovering below the resistance level of 1.31800.
The Canadian CPI m/m data (Forecast: -0.1%, Previous: 0.3%) will be released later at 2130 (SGT).
If the released data is worse than or as forecasted, the Canadian dollar may weaken.
Currently, USD/CAD is testing the resistance level of 1.31800 and the next support level is at 1.30600.
Look for short-term buying opportunities of USD/CAD if the released Canadian CPI data is poor and that it breaks the resistance level of 1.31800 upwards.