USD/CAD turns negative near 1.2840 post-GDP

• Canadian Dollar has gathered some traction following the GDP release.
• Canadian GDP rose more than expected in February.
• Next on tap will be US ISM Manufacturing, expected at 58.6 in April.

A bout of buying pressure around the Canadian Dollar dragged USD/CAD back to the negative territory around 1.2840/30 band.

USD/CAD lost momentum post-data

CAD appreciated further today after Canadian GDP expanded at a monthly 0.4% during February and 3.0% over the last twelve months, both prints coming in above initial expectations.

Spot thus faded the initial test of fresh peaks around 1.2880 following the ongoing rally in the greenback.

Later in the day, US ISM Manufacturing for the month of April will be in the limelight seconded by Construction Spending.

USD/CAD significant levels

As of writing the index is losing 0.02% at 1.2840 facing initial contention at 1.2799 (10-day sma) followed by 1.2722 (38.2% Fibo of the 2017 drop) and then 1.2631 (200-day sma). On the upside, a breakout of 1.2899 (high Apr.25) would aim for 1.2927 (38.2% Fibo of the 2017 drop) and finally 1.2946 (high Apr.2).