The Canadian economy expanded by 0.2% in May as against 0.1% expected. Bullish Oil prices further underpinned Loonie and added to the selling bias. A subdued USD demand does little to support ahead of the FOMC decision. The USD/CAD pair quickly retreated around 20-pips in the last hour and dropped to fresh weekly lows, around the 1.3130-25 region post-Canadian GDP. The pair failed to capitalize on its uptick to an intraday high level of 1.3158, rather met with some fresh supply after the Canadian monthly GDP report showed that the domestic economy expanded 0.2% in May. The reading was slightly better than 0.1% growth expected but still marked a further deceleration from the previous month’s 0.3% growth. The commodity-linked currency – Loonie was further underpinned by the prevailing bullish sentiment surrounding Crude Oil prices, which coupled with a subdued US Dollar price action – despite better than expected ADP report on private-sector employment, further collaborated to the pair’s ongoing downslide. Further losses, however, are likely to remain limited as investors might refrain from placing any aggressive bets and prefer to wait on the sidelines ahead of the highly anticipated FOMC monetary policy update, due to be announced later during the US trading session. Hence, it will be prudent to wait for a strong follow-through selling below the 1.3100 handle before confirming that the recent corrective bounce from yearly lows has already run out of the steam and positioning for any further near-term depreciating move. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Slow progress in trade talks result of China’s new tactic – WSJ FX Street 4 years The Canadian economy expanded by 0.2% in May as against 0.1% expected. Bullish Oil prices further underpinned Loonie and added to the selling bias. A subdued USD demand does little to support ahead of the FOMC decision. The USD/CAD pair quickly retreated around 20-pips in the last hour and dropped to fresh weekly lows, around the 1.3130-25 region post-Canadian GDP. The pair failed to capitalize on its uptick to an intraday high level of 1.3158, rather met with some fresh supply after the Canadian monthly GDP report showed that the domestic economy expanded 0.2% in May. The reading was slightly… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.