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USD/CAD finds support around 1.0330

FXstreet.com (Barcelona) - The pair is recovering ground lost after Wednesday’s sell off, with the Canadian dollar now trading on the back foot against its neighbour on Thursday.

With the USD now picking up pace again, traders will look at today’s US docket in order to keep the sentiment surrounding the buck alive.“US Q1 GDP revision is due out later today, and is expected to remain steady at 2.5%...This is really backward-looking, and will likely have no impact on Fed policymaking… Market still seems to believe that a tapering of QE will be seen this year, possibly at the September meeting. As always, this remains data dependent”, commented the analysts at BBH.

The USD/CAD is now advancing 0.01% at 1.0353 facing the next hurdle at 1.0425 (high Jun.2 2012) followed by 1.0446 (high June 2012) and finally 1.0472 (high Nov.28 2011). On the flip side, a violation of 1.0320 (MA10d) would expose 1.0300 (low May 27) and then 1.0251 (low May 22).

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