USD/CAD plummets below 1.3300 on Canadian GDP

The Canadian Dollar has gathered extra traction vs. its American peer on Thursday, dragging USD/CAD to fresh daily lows in sub-1.3300 levels.

USD/CAD weaker post-data

CAD met a wave of buying pressure after Canadian GDP figures showed the economy has expanded at a monthly 0.6% during January vs. 0.3% forecasted and up from the previous 0.3% advance.

In the US docket, prices tracked by the Core PCE rose more than expected at annualized 1.8% during last month, surpassing initial estimates. In addition, February’s Personal Income rose 0.4% MoM and Personal Spending gained 0.1% MoM during the same period.

In the meantime, the choppy trade remains well and sound so far this week, with spot reverting yesterday’s advance and navigating the lower bound of the recent range.

USD/CAD significant levels

As of writing the pair is losing 0.32% at 1.3300 and a break below 1.3294 (100-day sma) would aim for 1.3275 (low Mar.30) and finally 1.3251 (50% Fibo of the 2017 upside). On the other hand, the next hurdle aligns at 1.3368 (high Mar.31) followed by 1.3384 (20-day sma) and then 1.3415 (high Mar.28)