Forex technical analysis: USDCAD hurries higher after weaker GDP

Moves toward month high/50% retracement

The weaker than expected Canada GDP for August (-0.1% vs +0.1% estimate) has the CAD weakening (the USDCAD moving higher).

The pair is up testing the 1.2900 level and the high from the month at 1.2916. Targets ahead include the 50% retracement at 1.29268. From the daily chart traders also have to be cognizant of the 200 day MA and a prior swing level (floor - see yellow area on the daily chart above) at the 1.3000 area.

Drilling to the hourly chart below, the lows today were able to stay above the 100 hour MA at 1.28257. It also bottomed at a lower trend line. That helps to keep the bullish bias firmly in tact. It also increased both technical levels going forward.