FXstreet.com (Córdoba) - The Canadian dollar weakened sharply and fell to fresh daily lows versus the greenback after data showed Canadian gross domestic product shrank unexpectedly in August, the first decline since February.
USD/CAD jumped nearly 40 pips after the release, rising back above parity and hitting a high of 1.0011 before losing momentum. At time of writing, USD/CAD is trading at the 1.0010 zone, up 0.2% on the day.
As for technical levels, immediate resistances for USD/CAD are seen at 1.0020 followed by 1.0040 and 1.0065, while on the downside, supports could be found at 0.9980, 0.9960 and 0.9930.
Canadian GDP dropped 0.1% in August, missing estimates of a 0.2% increase and following an unrevised 0.2% gain in July. YoY GDP slowed to 1.2% from 1.9% in July.
USD/CAD jumped nearly 40 pips after the release, rising back above parity and hitting a high of 1.0011 before losing momentum. At time of writing, USD/CAD is trading at the 1.0010 zone, up 0.2% on the day.
As for technical levels, immediate resistances for USD/CAD are seen at 1.0020 followed by 1.0040 and 1.0065, while on the downside, supports could be found at 0.9980, 0.9960 and 0.9930.
Canadian GDP dropped 0.1% in August, missing estimates of a 0.2% increase and following an unrevised 0.2% gain in July. YoY GDP slowed to 1.2% from 1.9% in July.
