• USD/CAD dipped on Friday as Canadian dollar was boosted after data showed Canada's economy grew faster than expected in the first quarter.
• Canada's Q1 GDP beat expectations, boosted by strong exports as U.S. firms rushed to stock up ahead of Trump’s tariffs.
• Canada’s GDP grew at an annualized rate of 2.2% in Q1, slightly above the revised 2.1% growth seen in the previous quarter, according to Statistics Canada.
• This is the last major data release before the Bank of Canada’s rate decision on Wednesday and could influence whether policymakers decide to lower rates or keep them unchanged.
• At GMT 15:49, the dollar was trading down 0.46 percent at 1.3744 against Canadian dollar.
• Immediate resistance is located at 1.3852 (38.2%fib), any close above will push the pair towards 1.3971(50%fib).
• Support is seen at 1.3695 (23.6%fib) and break below could take the pair towards 1.3660(Lower BB).
Recommendation: Good to sell around 1.3750, with stop loss of 1.3850 and target price of 1.3680
