The Canadian is losing ground. Canadian GDP data

The Canadian dollar fell sharply against the US dollar, after GDP data for January indicated a decline of -0.1%, against the December growth of 0.2%. Additional pressure on the Canadian dollar was exerted by a fall in commodity prices. According to published data, the raw materials price index fell by -0.3% in February, against the growth of 3.4% in the previous period. On an annualized basis, the growth slowed to 5.9%, against the previous value of 7.8%.

Technical analysis: The pair USD/CAD maintains an upward trend in the medium term, while at the moment the significant level of resistance is 1.2940. In case of further price growth and consolidation above the level of 1.2940, one should expect its further growth to the levels of 1.3000, 1.3050. The nearest support levels are 1.2860, 1.2820.

Fig. USD/CAD. The current price is $ 1,290.

Alexander Sivtsov