FXStreet (Córdoba) – USD/CAD continued to move with a bearish bias during the American session and printed a fresh daily low at 1.3362. The pair is trading slightly above the lows still holding a bearish tone.
USD/CAD boosted by GDP, oil, risk appetite
Greenback is falling against commodity currencies; among them the Canadian dollar is the best performer boosted by a modest recovery in crude oil prices and GDP data from Canada. The economy expanded 0.3% in July, above the 0.2% forecasted but below the 0.4% advance registered in June.
The pair is pulling back today after reaching yesterday at 1.3456 the highest level in 11 years. At the moment is consolidating below yesterday’s lows signaling that the correction could continue.
USD/CAD technical levels
The pair has been unable to rise back above the hourly 20-SMA that is offering dynamic resistance at 1.3410; above the next level to watch in the coming hours is 1.3120/25 (daily highs) and 1.3455/60 (Sep 29 high). On the opposite direction, support might lie at 1.3345, 1.3295 and 1.3255.
(Market News Provided by FXstreet)