USDCAD has lost more than 100 pips from yesterday amid weak Canadian GDP data.Canadian GDP contracted 0.1% in Feb compared to previous month 0.3% growth. BOC Governor Stephen Poloz said that economy will grow better in next quarter and reiterated that accommodative policy was still warranted.US Fed monetary policy meeting to be held today for further direction.It hits low of 1.33770 and is currently trading around 1.33838.
On the lower side, near term support is around 1.3380 (20- day MA) and any break below will drag the pair to next level till 1.3340/1.3300. Any violation below 1.3270 confirms further weakness.
The near term resistance is at 1.3445 and any convincing break above will take the pair till 1.3480/1.3525.
It is good to sell on rallies around 1.3445 with SL around 1.3481 for the TP of 1.3300.
