USD/CAD around 1.3450 post-GDP
|The Canadian Dollar is clinging to its daily gains vs. its American peer on Wednesday, with USD/CAD gravitating around the mid-1.3400s.
USD/CAD steady on GDP
The pair kept the composure after GDP figures in Canada showed the economy has expanded at an annualized 3.7% during the January-March period, missing forecasts for a 3.9% growth.
Additional data saw the GDP growing at a monthly 0.5% inter-month in March, beating previous estimates.
In the US data space, pending home sales and the Chicago PMI are next on tap ahead of the Fed’s Beige Book.
USD/CAD significant levels
As of writing the pair is losing 0.06% at 1.3451 and a break below 1.3424 (low May 30) would expose 1.3385 (low May 25) and finally 1.3356 (100-day sma). On the flip side, the next up barrier is located at 1.3483 (55-day sma) followed by1.3508 (50% Fibo of the April-May rally) and then 1.3541 (high May 24).
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