USD/CAD gains momentum and approaches 1.3000

The Canadian dollar has given up ground against the greenback over the last hours amid month-end flows, with USD/CAD approaching the 1.3000 level.

USD/CAD bottomed out at a 6-day low of 1.2914 after Canadian GDP figures showed the economy has expanded 0.1% during April, matching consensus. However, the US dollar gained momentum across the board, sending the pair to a high of 1.2999 in recent dealings.

USD/CAD levels to watch

At time of writing, USD/CAD was trading at 1.2985, up 0.4% on the day. In terms of technical levels, next resistances are seen at 1.3058 (100-day SMA), 1.3119 (Jun 27 high) and 1.3143 (Jun 2 high). On the other hand, supports could be found at 1.2913 (10-day SMA), 1.2880 (50-day SMA) and 1.2710 (Jun 24 low).