USD/CAD extends the drop below 1.3400 on data

The Canadian dollar is now gaining extra steam vs. its American neighbour, dragging USD/CAD to fresh daily lows near 1.3360.

USD/CAD weaker post-data

The pair’s downside has accelerated after Canadian GDP figures showed the economy has expanded in line with initial expectations 0.2% on a monthly basis and ahead of US ISM Manufacturing and Markit’s manufacturing PMI.

Adding to CAD renewed bid tone, the West Texas Intermediate has managed to revert the initial negative tone and is now posting moderate gains above the $47.00 mark per barrel ahead of the weekly report on US crude stockpiles by the API.

The greenback has been suffering the increasing selling pressure since the opening bell in Europe today, as market participants seem to be adjusting to the recent US election polls, showing Republican candidate and business man D.Trump has narrowed the gap vs. the Democrat candidate H.Clinton following another emails scandal.

USD/CAD significant levels

As of writing the pair is losing 0.33% at 1.3365 facing the next support at 1.3261 (20-day sma) ahead of 1.3097 (200-day sma) and then 1.3002 (low Oct.19). On the flip side, a breakout of 1.3433 (high Oct.28) would open the door to 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop).

 

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