FxWirePro: USDCAD trades weak amid strong US GDP data, good to sell on rallies

USDCAD trades lower after showing a minor jump above 1.3200 level. US dollar was trading higher yesterday against all majors after better than expected US GDP data. US GDP data came at 2.6% for the last three months compared to forecast of 2.2%. But upside is limited on account of increasing crude oil price. The economic data released by Canada came slightly weaker than estimate with CPI data came around 0.1% compared to forecast of 0.2% and current account deficit widens to C$15.48 billion from a revised C$10.11 billion in the third quarter. It hits intraday low of 1.31322 and is currently trading around 1.31350.

On the lower side near term support is around 1.3110 and any break below targets 1.30680/1.3000.

The near term resistance is around 1.3170 and any break above will take the pair to next level till 1.3210/1.3230. Any minor bullishness only above 1.3230 level.

It is good to sell on rallies around 1.3175-80 with SL around 1.3210 for the TP of 1.30680.