USD/CAD finds support at 1.3000

Ani Salama FXStreet

USD/CAD fell sharply and scored fresh 11-day lows despite disappointing Canadian GDP, as the greenback suffered the most on the back of awful data.

Both GDPs came in below expectations but while the Canadian missed forecast slightly (-0.6% vs -0.5%), the US GDP grew by less than half expectations (1.2% vs 2.6%).

USD/CAD dropped sharply and bottomed out at 1.3001 before recovering slightly. The Canadian dollar was also helped by a mild comeback seen in oil prices, with WTI reaching a daily high of $41.56 a barrel. At time of writing, USD/CAD is trading at 1.3049, down 0.79% on the day

USD/CAD levels to watch

In terms of technical levels, next supports could be found at 1.3000 (Jul 29 low), 1.2973 (50-day SMA) and 1.2949 (100-day SMA). On the other hand, resistances are seen at 1.3103 (10-day SMA), 1.3185 (Jul 29 high) and 1.3253 (Jul 27 high).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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