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USD/CAD keeps 1.34 on GDP result

FXStreet (Edinburgh) - The Canadian dollar keeps its daily gains vs. its American neighbour on Wednesday, with USD/CAD hovering over the 1.3400 handle.

USD/CAD unchanged on data

The pair keeps the range despite the Canadian GDP figures have surpassed estimates today, showing that the economy has expanded 0.3% from June to July vs. forecasts for a 0.2% gain. The result however, came in a tad lower than June’s 0.4% advance.

Next of note in the pair will be the Chicago PMI (53.0 exp.), followed by the EIA weekly report on crude oil stockpiles and finally the speech by Chairwoman J.Yellen.

USD/CAD levels to consider

At the moment the pair is now losing 0.09% at 1.3410 and a break below 1.3385 (low Sep.30) 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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