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USD/CAD keeps the positive tone on Thursday, briefly testing daily highs in the vicinity of the 1.2900 milestone in the wake of US/CA data.
USD/CAD bid after data
Following yesterday’s sharp pullback, the pair found some respite today and managed to rebound from session lows in the 1.2830 region, coincident with the 55-day sma.
CAD depreciated today after Canadian GDP expanded at a monthly 0.3% in March, beating expectations. In addition, the economy expanded 0.3% inter-quarter during the January-March period and 1.3% (vs. 1.8% exp.) on a yearly basis.
Back to the US calendar, inflation figures gauged by the Core PCE rose 0.2% MoM in April and 1.8% over the last twelve months. Additionally, Initial Claims rose 221K WoW, taking the 4-Week Average to 222.25K from 219.75k.
Furthermore, US Personal Income expanded 0.3% during last month and Personal Spending surprised to the upside, expanding at a monthly 0.6%.
Also collaborating with the pair’s upside and weighing down on CAD, prices of the barrel of the West Texas Intermediate are down over 1% to the $67.30 region.
USD/CAD significant levels
As of writing the index is up 0.12% at 1.2889 facing the next hurdle at 1.2999 (high May 8) seconded by 1.3049 (high May 29) and finally 1.3126 (2018 high Mar.19). On the flip side, a breakdown of 1.2830 (55-day sma) would open the door to 1.2727 (low May 11) and finally 1.2722 (38.2% Fibo of the 2017 drop).
