USD/CAD tests 1.2960 post-data

The Canadian dollar is depreciating vs. its American counterpart on Thursday, now sending USD/CAD to the 1.2950/60 band.

USD/CAD bid on data

The pair gained some traction after Canadian GDP figures showed the economy has expanded 0.1% during April, matching consensus.

On the US data front, Initial Claims have come in a tad lower than forecasts at 268K, up from the previous week’s 258K, taking the 4-week Average to 266.7K.

Spot is reverting two consecutive sessions with losses so far backed by a renewed bid tone around the greenback and the nearly 2% drop of the barrel of West Texas Intermediate, currently trading in sub-$49.00 levels.

USD/CAD significant levels

As of writing the pair is gaining 0.10% at 1.2949 facing the next hurdle at 1.3058 (100-day sma) ahead of 1.3121 (high Jun.27) and then 1.3191 (high May 24). On the flip side, a breach of 1.2868 (20-day sma) would aim for 1.2674 (low Jun.23) and then 1.2651 (low Jun.6).