USDCAD trades 0.03% higher at 1.3310. USDCAD boosted last Thursday by worse than expected GDP data; the Canada Gross Domestic Product (month over month) came in at 0% below expectations of 0.1% in July. Crude oil Canada main export commodity trading 1.16% higher at 53.42 just to offset the negative impact of the GDP disappointment.
USDCAD momentum is bullish as the pair trades above all major daily moving averages. On the upside, where traders had shifted their attention now immediate resistance stands at 1.3330 the daily high, then at 1.3347 the high from October 3rd, while more offers will emerge at 1.3382 the high from September 3rd. On the downside, USDCAD formed a strong support zone at 1.3134, which tested successfully for three days in a row in early September. First support for the pair stands at 1.3303 the daily low, then at 1.3290 the 200-day moving average while more bids will emerge at 1.3257 the 50-day moving average; a break below may encourage more bears to join the action, something that is possible to lead USDCAD towards the next resistance territory, 1.3213 the low from September 27th.Download our latest quarterly market outlookfor our longer-term trade ideas.
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