USD/CAD around 1.3450 post-GDP

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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