USD/CAD fails to hold above 1.2500

FXStreet (Córdoba) – USD/CAD pulled back from daily highs and settled below the 1.2500 level, having spent the last hours in a slim range as the trading week drafts to an end.

USD/CAD spiked to a high of 1.2526, but stalled a few pips shy of its 6-week high of 1.2537 scored yesterday, following the release of US and Canadian GDP data.

Data showed, US GDP shrank by 0.7% in Q1 versus an increase of 0.2% previously estimated, while Canadian GDP contracted by 0.6% versus 0.3% initially announced.

USD/CAD is currently trading at the 1.2485 area, recording a 0.42% gain on Friday and on track to record a 1.64% rise this week.

USD/CAD technical levels

Immediate resistances are seen at 1.2526 (daily high), 1.2537 (May 28 high) and 1.2569 (Apr 15 high). On the other hand, supports could be found at 1.2410 (daily low), 1.2384 (100-day SMA) and 1.2304 (May 26 low).

USD/CAD pulled back from daily highs and settled below the 1.2500 level, having spent the last hours in a slim range as the trading week drafts to an end.


(Market News Provided by FXstreet)