USD/CAD Outlook (27 December 2019)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended lower.
The Canadian GDP m/m data (Actual: -0.1%, Forecast: 0.1%, Previous: 0.1%) released on Monday was worse than forecasted and as a result, the Canadian dollar weakened.
Currently, USD/CAD is testing to break the key level of 1.31 downwards. Its next support level is at 1.30600 and the next resistance level is at 1.31800.
Look for short-term selling opportunities if USD/CAD broke the key level of 1.31 downwards.