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USD/CAD shoots to 1.34 on GDP

FXStreet (Edinburgh) - The Canadian dollar is sharply depreciating vs. its American peer on Tuesday, sending USD/CAD to test the vicinity of 1.3400 the figure, or daily highs.

USD/CAD stronger post- CAD GDP

The pair has seen its upside accelerated after Canadian GDP figures have come in short of expectations during the third quarter, showing the domestic economy has expanded at an annual pace of 2.3% vs. 2.4% expected. On a monthly basis, the Canadian economic has contracted 0.5% vs. a flat reading initially forecasted.

Poor data have increased the selling pressure around CAD and pushed spot to fresh highs near the 1.3400 handle ahead of US data.

USD/CAD levels to consider

As of writing, the pair is advancing 0.15% at 1.3375 and a break above 1.3437 (high Nov.23) would open the door to 1.3458 (2015 high Sep.29) and finally 1.3500 (psychological level). On the flip side, the next support aligns at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3197 (55-day sma) and then 1.3165 (100-day sma).

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