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USD/CAD eases to 1.0311/17 after upbeat GDP in Canada

FXstreet.com (Barcelona) - The USD/CAD fell off its intraday highs earlier (1.0367), declining across European trading and now following the publication of mixed economic data in the US and Canada.

Despite this decline, the pair is still operating positively at 1.0311/17 in these moments. Mataf.net analysts calculate resistive measures for the USD/CAD at 1.0365, onto 1.0424, and ultimately 1.0459. On the decline, a break below the 1.0271 handle will initiate support at 1.0236 and 1.0177.

According to the TD Securities Team, “The 1.03 area has provided the expected level of underpinning for the USD and it remains an important area of short and medium-term support. We look for bids in the 1.0305/15 area on the day – resistance is 1.0370/80. Ultimately, we think the underlying USD/CAD trend is up.”

In the United States, Personal Spending (April) fell -0.2%, against expectations of +0.1%. In addition, Core Personal Consumption Expenditure – Price Index (YoY) climbed +1.1% in April, vs. projections of +1.0%. Finally, Personal Income (MoM) was reported at 0.0% in April, against estimates of +0.1%. In Canada, Gross Domestic Product (MoM) climbed +0.2% in March, beating estimates of +0.1%. Finally, Gross Domestic Product Annualized (QoQ) came in at +2.5% in Q1, exceeding projections of +2.3%.

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