USD/CAD flat-lined around 1.3150, CAD GDP in focus

The Canadian dollar is seen extending the downside consolidation phase versus its American counterpart into early Euorpe, keeping USD/CAD flat-lined below 5-DMA at 1.3158.

USD/CAD supported above 20-DMA at 1.3133

Currently, the USD/CAD pair modestly higher at 1.3150, having printed session highs at 1.3166 earlier on the day. The bulls appear to take a breather after yesterday’s solid rebound, while weaker oil prices on the back of profit-taking, continue to exert downward pressure on the resource-linked Loonie.

Next of note for the major remains the Canadian GDP report alongside a slew of US macro news, including the Fed’s favorite inflation gauge, lined up for release later today. Meanwhile, focus will also remain on the oil dynamics.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3186 (Sept 29 high) and 1.3200 (round figure) and from there to 1.3250 (psychological levels). To the downside, immediate support might be located at 1.3133 (20-DMA) and below that at 1.3100 (round number) and at 1.3044 (Sept 29 low).