The CAD Remains Volatile Ahead of Current Account Results, 25+ PIP Movement Likely in CAD Parity; May 31, 2021

Canada’s Current Account q/q

Today Canada has scheduled to release various economic indicators at the same time at 1230 GMT/1800 IST. They are Canada’s Current account q/q, Industrial Product Price Index (IPPI) and Raw Materials Price Index (RMPI) data. In case of mixed data release, the CAD might give volatility to the FX market. Current account is directly linked to currency demand – a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the country.

Let’s see how CAD has reacted during the previous data release:

March 01:

Nov 30:

Technical View:

USD/CAD: The Canadian dollar trades in narrow range ahead of key economic indicators. The pair made intraday high at 1.2086 and low at 1.2061 mark. Today a day and H1 chart with Triple EMA confirms bearish for the time being. A sustained close above 1.2090 on H1 chart requires for the upside rally. Alternatively, a consistent close below 1.2064 on H1 chart will check key supports too.

Key Resistances: 1.2090, 1.2140, 1.2172, 1.2204, 1.2238

Key Supports: 1.2060, 1.2042, 1.2015, 1.1978, 1.1952

Take a look and do trade wisely!
Good Luck

Share on facebook
Share on linkedin
Share on twitter
Share on telegram
Share on whatsapp
Unleash Powerful Trading Conditions with TP Global.

Recent Posts



Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.

Mail us

Drop mail at:

Contact us

Call or Whatsapp
+44 7441 416320

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses because of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Apple, the Apple logo, iPod, iPad, iPod touch, and iTunes are trademarks of Apple Inc, registered in the US and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc.

TP Global FX Limited is registered and regulated by Vanuatu Finance Service Commission (VFSC) with a registration number 40409.

TP Global Limited is registered and regulated by FINANCIAL SERVICES COMMISSION (FSC) MAURITIUS with a registration number GB21026474

TP Global FX Limited is registered and regulated by Financial Services Commission, Mauritius with a registration number GB21026474

TP Global Fx Africa Limited is incorporated in Federal Republic of Nigeria under the Companies and Allied matters Act 1990 with registration number RC 1674202. The objects of the company are all subject matters not forbidden by Companies and Allied Matters Act 1990. To provide Electronic Platform through which clients can choose currencies, commodities, indexes, CFDs and other leveraged financial instruments to trade.

mappin at-sign phone close