The Canadian dollar is appreciating further vs. its American neighbour on Tuesday, taking USD/CAD to the area of 1.3480/70, or 3-month lows.
USD/CAD lower on GDP
The pair gained further downside traction after Canadian GDP figures have surprised to the upside, showing the economy has expanded at an annualized pace of 0.8% during the fourth quarter vs. 0.1% expected. In the same direction, December’s GDP has expanded 0.2% MoM, also bettering expectations.
Still in Canada, RBC’s manufacturing PMI is due later, while the ISM Manufacturing, Markit’s manufacturing PMI and the API’s report are all due in the US docket.
USD/CAD significant levels
As of writing the pair is retreating 0.41% at 1.3475 with he initial support at 1.3285 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the flip side, a break above 1.3663 (100-day sma) would aim for 1.3743 (20-day sma) and then 1.4103 (high Feb.3).
(Market News Provided by FXstreet)
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