USD/CAD Outlook (20 November 2019)

Overall, USD/CAD is trending upwards. Recently, USD/CAD trended higher after failing to break the key level of 1.32 downwards.
The Canadian dollar weakened after Bank of Canada’s Wilkins said that the Bank’s “policy interest rate may be relatively low now, but at 1.75 percent we still have room to manoeuvre”. As a result, market participants interpreted her comments as a hint that the BoC may be cutting interest rate soon.
The Canadian CPI m/m data (Forecast: 0.3%, Previous: -0.4%) will be released later at 2130 (SGT).
If the released data is better than or as forecasted, the Canadian dollar may strengthen.
USD/CAD’s next support level is at 1.31800 and the next resistance level is at 1.33300.
Wait for the Canadian CPI data to be released before looking for trade opportunities.