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USDCAD drop retesting psychological 1.3000 level

The USDCAD capped by 1.3100 and supported by 1.3000 levels. 

The USDCAD pair has seen its supporting trend line at 1.3135 broken last week and yesterday’s Canadian GDP data result has seen price test the 1.3000 area. The monthly GDP reading came in at 0.5% beating the expected 0.3% number and the previous reading of 0.1%. The CAD strengthened and now sits just above support to trade around 1.3020. A loss of support could see a push to 1.2945 where buyers are expected to step in. The 1.2900 level is important for buyers of the pair with a move under this level putting pressure on stops and in low liquidity summer trading may result in a drop to 1.2750. Resistance for the pair comes in at 1.3125 with the broken rising trend line at 1.3170. From a break back above this line the 1.3200 level comes into play followed by the lower swing high at 1.3292 and the double top at 1.3385 providing a gate to the 1.3400 area. From there the 1.3500 level comes into view should we see a protracted round of USD strength. 

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