FXStreet (Edinburgh) – The US dollar is now picking up pace vs. its Canadian neighbour on Monday, pushing USD/CAD back above the 1.2400 mark.
USD/CAD firmer post-GDP
The pair gained some traction after Canadian GDP figures missed expectations during April, with the economy contracting at a monthly pace of 0.1% vs. forecasts for a 0.1% advance.
Next of relevance in the pair will be US S&P/Case-Shiller index, Chicago PMI and the Consumer Confidence.
USD/CAD levels to watch
At the moment the pair is up 0.10% at 1.2416 and a break above 1.2423 (high Jun.29) would open the door to 1.2442 (high Jun.9) and finally 1.2472 (high Jun.8). On the other hand, the next support lines up at 1.2304 (low Jun.29) followed by 1.2276 (low Jun.24) and then 1.2218 (low Jun.22).
The US dollar is now picking up pace vs. its Canadian neighbour on Monday, pushing USD/CAD back above the 1.2400 mark…
(Market News Provided by FXstreet)