Forex | Forex | Canadian GDP contracted 3.4% in 2Q; USD/CAD, steady (31/08/2009 12:50:00)

Canadian GDP contracted 3.4% in 2Q; USD/CAD, steady

FXstreet.com (Barcelona) - Canadian Gross Domestic Product contracted at a 3.4% annual pace in the second quarter, while month on month, GDP edged up 0.1% in Jun from May, the first increase on the last 11 months. USD/CAD remains steady at one and a half week high.

USD/CAD has rallied from 1.0900 low on early Asian session, to hit 1.1088 high right before Canadian data was released, and remains several pips below day high after GDP figures.

On the upside, the Dollar is approaching 1.1100 resistance levels, and above here, 1.1125 (Aug 18 high) and 1.1200. (Jul 21 high). On the downside, support levels are 1.1000 (Aug 20 and 26 high) and below here, 1.0940/45 and 1.0900.

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