Forex: USD/CAD flat around 1.0115/20

FXstreet.com (Barcelona) - The Canadian dollar is almost unchanged against its neighbour on Tuesday around 1.0115/20 ahead of the GDP figures for the month of February. Prior surveys expect the Canadian economic activity to have expanded 0.2% on a monthly basis, matching January’s result.

Against the backdrop of the GDP release, Strategist Jacqui Douglas at TD Securities commented, “A robust increase in hours worked (mostly within the services sector) and in manufacturing output is expected to underpin the forecasted increase, but outside of this, the tone should be softer with weak exports outside of the auto sector, infrastructure limitations in the oil and gas sector, and poor weather limiting construction”.

USD/CAD is now up 0.02% at 1.0116 with the next resistance at 1.0171 (high Apr.29) ahead of 1.0187 (MA21d) and finally 1.0214 (high Apr.26).
On the flip side, a breakdown of 1.0084 (low Apr.11) would expose 1.0078 (MA100d) en route to 1.0055 (low Feb.18).