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USD/CAD comes down to test 1.3400

FXStreet (Edinburgh) - The greenback is now losing the grip vs. its Canadian peer on Wednesday, dragging USD/CAD to visit lows near 1.3400 the figure.

USD/CAD focus on CAD, US data

The pair keeps correcting lower from overnight fresh 11-year tops around 1.3460 to the current 1.3400 neighbourhood ahead of key US and Canadian data releases due later.

In fact, the Canadian dollar will remain under pressure in light of the GDP figures in Canada, expanding 0.2% on monthly basis during July vs. June’s 0.5% expansion. On the US docket, the ADP report expects the private sector to have created 195K jobs, followed by the speech by Fed Chief J.Yellen.

USD/CAD levels to consider

At the moment the pair is now losing 0.14% at 1.3402 and a break below 1.3387 (low Sep.29) would open the door to 1.3303 (low Sep.25) and finally 1.3233 (low Sep.23). On the upside, the initial hurdle lines up at 1.3457 (high Sep.29) followed by 1.3495 (high Jun.29 2004) and then 1.3500 (psychological level).

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