USD/CAD (current price: 1.3030)
The Canadian Dollar couldn’t benefit from a better than expected GDP print, and ended Thursday’s session flat compared to the Dollar. Analysts expected economic growth of 0.3%, but the actual number came in at 0.6%, signaling a healthy Canadian economy. The pair is back above 1.30 this morning, as the Loonie has been tracking the decline in oil yet again in early trading. USD/CAD is still in oversold territory and we might see further upside today especially if oil continues lower.
Our assessment: The Canadian Dollar had a bearish session, as it ignored the positive GDP data and failed to gain on its U.S. counterpart. It seems likely that the pair will stay above the support zone around 1.30.
