USD/CAD eyes 1.0560 on better GDP data

FXstreet.com (Edinburgh) – The Canadian dollar is now rapidly appreciating against its neighbour on Friday, dragging the USD/CAD to fresh lows near 1.0560.

USD/CAD lower after data

The pair is challenging 2-day lows around 1.0565/60 after stronger than expected Candian GDP figures. In fact, the Canadian economic activity expanded 2.7% on a yearly basis and 0.3% inter-month during September, both prints exceeding forecasts at 0.2% and 2.5%, respectively.“A failure for USDCAD to trade above its ytd high of 1.0609 would warn of a short period of retracement before USDCAD can climb higher”, assessed Camilla Sutton, Chief Strategist at Scotiabank.

USD/CAD key levels

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