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Forex: USD/CAD drops to lows after GDP

FXstreet.com (Barcelona) - The Canadian dollar is gathering pace against the greenback on Tuesday, dragging the cross to fresh intraday lows in the vicinity of 1.0105/10 after the GDP figures surprised investors expanding 0.3% vs. 0.2% forecasted.

“USD/CAD has taken back all of the mid-April rally but has reached a strong zone of short-term, technical support around the 1.01 area. Intraday price signals suggest some risk of a bounce. We think USD/CAD looks “cheap” here and still prefer to look at opportunities to buy”, suggested G.Moore and S.Osborne, Strategists at TD Securities.

USD/CAD is now losing 0.06% at 1.0107 and a breakdown of 1.0084 (low Apr.11) would expose 1.0078 (MA100d) en route to 1.0055 (low Feb.18).
On the flip side, the next resistance is at 1.0171 (high Apr.29) ahead of 1.0187 (MA21d) and finally 1.0214 (high Apr.26).

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