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30 Sep 2013
USD/CAD plummets after strong Canadian GDP
FXstreet.com (Córdoba) - The Canadian dollar strengthened, dragging USD/CAD to fresh daily lows, after data showed Canadian GDP came in stronger-than-expected.
Canadian GDP grew 0.6% in July from a 0.5% contraction the previous month and beating expectations of a 0.5% rise. USD/CAD dropped over 30 pips on the data and hit a 1-week low of 1.0273 before finding support. At time of writing, USD/CAD is trading at the 1.0385 area, 0.3% below its opening price.
USD/CAD technical levels
As for technical levels, if USD/CAD breaks below 1.0273 (daily low) and 1.0225 (200-day SMA), while resistances could be found at 1.0317 (daily high) and 1.0330 (Sep 27 high).
Canadian GDP grew 0.6% in July from a 0.5% contraction the previous month and beating expectations of a 0.5% rise. USD/CAD dropped over 30 pips on the data and hit a 1-week low of 1.0273 before finding support. At time of writing, USD/CAD is trading at the 1.0385 area, 0.3% below its opening price.
USD/CAD technical levels
As for technical levels, if USD/CAD breaks below 1.0273 (daily low) and 1.0225 (200-day SMA), while resistances could be found at 1.0317 (daily high) and 1.0330 (Sep 27 high).