USD/CAD bounced from daily lows as the Canadian-GDP inspired gains in the loonie were short-lived.

USD/CAD fell to a daily low of 1.3086 as the loonie strengthened after data showed Canada’s GDP grew by 0.5% in July, above 0.3% expected. The pair has been oscillating between the flat line and lows ever since and it was last trading at 1.31.15, still 0.23% below its opening price.

At present levels, USD/CAD is on track to post its second weekly loss in a row to end September virtually unchanged. 

USD/CAD levels to watch

As for technical levels, next supports are seen at 1.3005/00 (100-day SMA/psychological level), 1.2909 (Sep 9 low) and 1.2850 (Sep 8 low). On the flip side, resistances could be faced at 1.3115 (Sep 29 high), 1.3200 (psychological level)  and 1.3229 (200-day SMA).