USD/CAD remains pressurized below 1.2500 ahead of Canadian GDP

USD/CAD prints losses for the previous two sessions consecutively.
US dollar tests the one-month low on disappointing economic data.
The Canadian dollar gains on the BOC reaffirmation to control inflation.

Rekha Chauhan Independent Analyst

USD/CAD extends the previous session’s losses in the early Asian session. The pair hovers in a very narrow trade band with a negative outlook.

At the time of writing, USD/CAD is trading at 1.2443, down 0.01% for the day.

The Canadian dollar rose against the greenback after the Bank of Canada (BOC) Governor Tiff Macklem said that “ the cost of living will not rise out of control as the economy reopens from the COVID-19 pandemic” in a Financial post.

The optimism was also boosted by the higher crude oil prices that traded at a two-week high above $73.00 amid a larger than expected inventory draw and expectations of stronger demand.

The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals stands lower at 91.88%.

The US Gross Domestic Product (GDP) came at 6.5% in Q2, much below the market forecasts of 8.5%. The rapid spread of the Delta variant, supply-chain disruptions, and shortage of labor were expected to weigh on the growth prospects of the rest of the year.

As for now, investors await the slew of economic data; the Canadian Gross Domestic Product (GDP), US Personal Spending and Income data, and Personal Price Expenditure Index (PCE) data to take fresh trading impetus.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.2444
Today Daily Change	-0.0087
Today Daily Change %	-0.69
Today daily open	1.2531

Trends
Daily SMA20	1.2525
Daily SMA50	1.2321
Daily SMA100	1.2369
Daily SMA200	1.2605

Levels
Previous Daily High	1.2605
Previous Daily Low	1.2516
Previous Weekly High	1.2808
Previous Weekly Low	1.2526
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.255
Daily Fibonacci 61.8%	1.2571
Daily Pivot Point S1	1.2496
Daily Pivot Point S2	1.2462
Daily Pivot Point S3	1.2407
Daily Pivot Point R1	1.2585
Daily Pivot Point R2	1.2639
Daily Pivot Point R3	1.2674

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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