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USD/CAD breaks below ascending trendline as market awaits Canadian GDP data
USD/CAD is currently trading at 1.34795 on the daily chart, having broken below a significant ascending trendline that has been in place since 2021. This bearish move comes as the pair retreats from the strong resistance level near 1.3900, which has capped gains multiple times over the past few years.
The market's focus is now on the upcoming Canadian GDP data, which could either reinforce this downside break or lead to a quick recovery if the data surprises positively. Analysts expect the Canadian economy to show modest growth, but any significant deviation from expectations could drive USD/CAD further below current levels, potentially targeting the 1.3400 area or lower.
Given the breach of key technical support, a weaker-than-expected GDP print could accelerate the pair's decline, while stronger data might see USD/CAD test the broken trendline as resistance.
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