USD/CAD unchanged near 1.3150 ahead of US GDP

USD/CAD is trading almost unchanged at the end of the week, currently testing the mid-1.3100s after hitting highs near 1.3250 earlier in the week.

USD/CAD attention to US, CAD data, oil

The persistent weakness around crude oil prices continue to weigh on the Canadian dollar, with the barrel of West Texas Intermediate breaking below the key $41.00 barrier, or fresh 3-month lows.

Later in the NA session, spot will remain exposed in light of the release of the advanced US Q2 GDP figures and May’s GDP results in Canada. Further data will see the final print of the Reuters/Michigan index for the current month.

USD/CAD significant levels

As of writing the pair is up 0.01% at 1.3157 and a breakout of 1.3253 (high Jul.27) would target 1.3311 (38.2% Fibo of the 2016 down move) en route to 1.3575 (50% Fibo of the 2016 down move). On the flip side, the next support aligns at 1.3048 (20-day sma) followed by 1.2980 (55-day sma) and finally 1.2858 (low Jul.14).