Canadian Dollar Remains Volatile Ahead of BOC’s Business Outlook Survey, Downside Pressure Likely; April 12, 2021
Bank of Canada Business Outlook Survey
Today BOC will release Business Outlook Survey at 1430 GMT/2000 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. It releases quarterly.
Here a survey of about 100 businesses which asks respondents to rate the relative level of general business conditions, such as sales growth, investment in machinery, employment, inflation expectations, and credit conditions.
Let’s see how CAD has reacted during the previous data release:
USD/CAD: The Canadian dollar remains volatile on Monday and remains well supported above 1.25 mark. The pair made intraday high at 1.2567 and low at 1.2523 mark. A day chart and H1 chart with triple EMA suggests bearish trend only. A sustained close above 1.2564 on H1 chart requires for the upside rally. Alternatively, a consistent close below 1.2520 will check further supports too.
Key Resistances: 1.2580, 1.2610, 1.2640, 1.2667, 1.2690
Key Supports: 1.2520, 1.2490, 1.2468, 1.2450, 1.2416
Take a look and do trade wisely!