USD/CAD is currently in bearish mood taking advantage of the weakening dollar as US dollar index 100.97 low today. The pair dropped on Monday to 1.3396, then rallied yesterday to 1.3480 high. USD/CAD touched 50 SMA 1.3444 from above, then retreated 1.3412 today's low, currently trading 1.3428 intraday.
Also, higher crude oil prices gave a boost to CAD to strengthen against it's southern neighbor. USD/CAD awaits today local GDP at 1:30 PM GMT which might boost more confidence to Canadian dollar in case GDP surged compared to previous sessions. volatility in oil prices might have a great impact on the Canadian dollar.
Trend: Bearish sideways
Key levels to watch: Weekly Pp 1.3480
Resistance levels: R1 1.3455, R2 1.3486, R3 1.3523
Support: S1 1.3394 , S2 1.3363, S3 1.3327
Remark: Price range S1 and R1, but look forward for Canadian GDP, later on oil prices. Traders should expect more volatility on economic news.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.