• USD/CAD was little changed on Monday as market focus shifted to upcoming Canada's first-quarter GDP data.
• Traders and market participants will be monitoring both the GDP data and the subsequent central bank decision closely, as these events will influence Canadian dollar movements, bond yields, and broader market sentiment.
• The GDP figures are particularly significant this quarter, coming just ahead of the Bank of Canada’s scheduled interest rate decision next week..
• A stronger-than-expected GDP reading could bolster the case for a rate hike, signaling robust economic momentum. Conversely, weaker growth might prompt the central bank to adopt a more cautious stance or pause tightening efforts to support the economy.
. •At GMT 17:26, the pair was trading up 0.03 percent at 1.3736
• Immediate resistance is located at 1.3787(50%fib), any close above will push the pair towards 1.3865(61.8%fib).
• Support is seen at 1.3709(38.2%fib) and break below could take the pair towards 1.3603(Lower BB).
Recommendation: Good to sell around 1.3760 with stop loss of 1.3860 and target price of 1.3650
