FXStreet (Edinburgh) – The US dollar is picking up pace vs. its Canadian counterpart on Wednesday, lifting USD/CAD to the area of 1.2365/70.
USD/CAD bid after US data
The pair is now gathering traction after US GDP Annualized contracted 0.2% during Q1, matching the prior revision. Personal Consumption, instead, have surpassed estimates rising 2.1% during the same period vs. 1.8% previous.
The pair is reverting yesterday’s drop and it manages to trade in the vicinity of 2-week tops posted on Tuesday at 1.2382.
USD/CAD levels to watch
At the moment the pair is gaining 0.29% at 1.2362 with the next hurdle at 1.2382 (high Jun.23) followed by 1.2400 (psychological level) and finally 1.2442 (high Jun.9). On the other hand, a breakdown of 1.2276 (low Jun.24) would aim for 1.2218 (low Jun.22) and then 1.2216 (low Jun.19).
(Market News Provided by FXstreet)