USD/CAD hits 1-week high after Canadian GDP, US data

FXstreet.com (Córdoba) - The USD/CAD jumped to a fresh 1-week high right before data showed Canadian GDP grew 1.7% in the second quarter, exceeding expectations of a 1.5% rise while US personal spending and income came in lower-than-expected.

USD/CAD retreats on solid Canadian GDP

USD/CAD hit a high of 1.0550 but momentum was short-lived and the USD/CAD quickly slid back to the 1.0535 zone, where it is trading at time of writing, virtually unchanged since opening.

USD/CAD levels to watch

As for technical levels, USD/CAD could find immediate resistance at 1.0550 (daily high) and 1.0570 (Aug 23 high). On the flip side, supports are now seen at 1.0520 (daily low) and 1.0475 (10-day SMA).