Canadian dollar traders will be on their toes early in the North American session as the latest GDP data is due for release in Ottawa. As always, the Loony has been volatile in line with geopolitical tensions and fluctuations in the Oil market, but today’s data will have traders back focussing on the local fundamentals. Market expectation is for the data to show a month-on-month increase of 0.3%, down from last month’s 0.6% print which came in above forecast. UsdCad is trading just beneath recent highs and options interest around 1.3700 and a weaker print should see a clean break higher to move back into the range seen in the last few weeks, whereas another surprise topside print should knock the pair back to challenge initial support around the 1.3630 level.
Resistance 2: 1.3840 – Long-Term Trendline Resistance
Resistance 1: 1.3730 – April 25 High
Support 1: 1.3639 – Short Term Trendline Support
Support 2: 1.3550 – Long-Term Trendline Support
