USD/CAD supported at 1.3150 ahead of data

By FXStreet FXStreet (Edinburgh) – The greenback has given away part of its early gains vs. its Canadian counterpart on Tuesday, with USD/CAD now testing 1.3180/85 band.

USD/CAD attention to CAD GDP

After yesterday’s deep pullback to the vicinity of 1.3110, spot is now recovering part of the ground lost and is looking to regain today’s session tops around 1.3230 ahead of critical data releases in Canada.

The Canadian dollar remains under scrutiny amidst the recent recovery on crude oil prices and in light of today’s GDP figures, with consensus expecting the domestic economy to have expanded at a monthly pace of 0.2% during June.

USD/CAD levels to consider

At the moment the pair is advancing 0.30% at 1.3179 facing the next resistance at 1.3235 (high Sep.1) followed by 1.3295 (high Aug.27) and finally 1.3343 (high Aug.26). On the other hand, a break below 1.3116 (low Aug.31) would open the door to 1.3056 (low Aug.21) and then 1.3024 (low Aug.19).
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Source:: FX Street