USD/CAD Choppy Post-GDP, Back to Tops Near 1.3080
After a brief test of the 1.3020 area, USD/CAD has quickly climbed to the area of daily highs in the 1.3070/80 band.
USD/CAD bounces off 1.3020, focus on API
The pair has rapidly faded the drop to the 1.3020 area after Canadian GDP figures showed the economy has contracted 0.2% during March, while it has expanded at an annualized 2.4% during the first quarter, both reading missing expectations and adding further selling pressure to CAD.
Propping up the upside, US Personal Spending has surprised to the upside in April, while Personal Income and the PCE have matched forecasts.
USD/CAD significant levels
As of writing the pair is gaining 0.22% at 1.3076 and a break above 1.3095 (high May 30) would expose 1.3191 (high May 24) and finally 1.3312 (38.2% Fibo of 1.4692-1.2458). On the other hand, the initial support aligns at 1.2928 (55-day sma) seconded by 1.2912 (high May 26) and then 1.2768 (low May 12).