The Canadian Dollar has been declining since mid-October. A slight correction has started at the level of 1.3400 and, at present, the USD/CAD pair is trading at the level of 1.3325.
Today, the Statistics Canada releases the Gross Domestic Product indicator, which is a measure of the total value of all goods and services produced by the country. Analysts expect a strong rising trend that, coupled with an increase in oil prices, is likely to strengthen the Canadian currency in the short term.
Support and resistance
At present, the pair is trading near the 23.6% Fibonacci correction (1.3315) and below the middle MA of (1.3356). histogram is in the positive zone, its volumes are falling.
Support levels: 1.3315, 1.3300, 1.3278.
Resistance levels: 1.3356, 1.3400 (0.0% Fibonacci).
Short positions can be opened after the breakdown of the level of 1.3300 with the target at 1.3250 and stop-loss at 1.3350.