The Canadian economy grew by 0.3% in March, better than 0.2% that was expected. But the deficit in the current account was three times the early estimations. USD/CAD bounces off support and rises. In February, the Canadian economy squeezed by 0.1% (revised from -0.2% initially reported) – the first contraction in 5 months. This disappointed weighed on the loonie. All in all, the first quarter of 2011 is a quarter of slower growth than beforehand. The Canadian economy feels the slowdown from the US. Current Account came out worse than expected – a deficit of 8.9 billion, much worse than 2.9 billion that was expected. Last month saw a deficit of 10.3 billion (better than -11 billion that was first reported). USD/CAD is now at 0.9770, up from 0.9752 before the release. The 0.9752 support line worked like a charm. Before the release, USD/CAD traded just above the 0.9750 support line. It made a slide to these levels from around 0.9785 earlier. Lower support is found at 0.9667 followed by 0.96. Resistance is at 0.9816 and then 0.9930. For more levels and events, see the Canadian dollar forecast. We also have a rate decision coming up as well as other events. Oil, which Canada exports, is stable at around $100 a barrel. Note that the US and the UK are on a bank holiday today, making trading volume more thin. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next AUD/USD May 31- Aussie Down Against US Dollar on Tamar Schoppik 12 years The Canadian economy grew by 0.3% in March, better than 0.2% that was expected. But the deficit in the current account was three times the early estimations. USD/CAD bounces off support and rises. In February, the Canadian economy squeezed by 0.1% (revised from -0.2% initially reported) - the first contraction in 5 months. This disappointed weighed on the loonie. All in all, the first quarter of 2011 is a quarter of slower growth than beforehand. The Canadian economy feels the slowdown from the US. Current Account came out worse than expected - a deficit of 8.9 billion, much worse than… 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.