USD/CAD off lows, around 1.2940

The prevailing risk appetite is sustaining the downward momentum in USD/CAD today, currently testing the mid-1.2900s ahead of Canadian GDP results.

USD/CAD attention to CAD GDP, risk

The pair is alternating gains with losses during the European afternoon amidst a continuation of the selling bias around the greenback and an ongoing pullback in crude oil prices, with the barrel of WTI hovering over the $49.30 area as of writing.

Ahead in the session, US Initial Claims are due later ahead of the more relevant Canadian GDP figures during the month of April, expected to show an expansion of 0.1%.

USD/CAD significant levels

As of writing the pair is gaining 0.03% at 1.2940 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).