USD/CAD sinks to lows near 1.2900, Yellen eyed

The greenback continues to shed ground at the end of the week, now dragging USD/CAD to test the key support at 1.2900 the figure.

USD/CAD focus on Jackson Hole, US GDP

Spot is now adding to yesterday’s pullback, coming down to challenge the 1.2900 handle amidst increasing cautious tone ahead of the speech by Chair J.Yellen at Jackson Hole Symposium.

In addition, the second estimate of US Q2 GDP will keep the focus on the greenback today. Prior surveys expect the economy to have expanded at an annualized 1.1% during the April-June period.

USD/CAD significant levels

As of writing the pair is retreating 0.16% at 1.2902 facing the next support at 1.2759 (low Aug.18) followed by 1.2674 (low Jun.23) and finally 1.2651 (low Jun.8). On the other hand, a break above 1.2966 (high Aug.22) would aim for 1.2982 (20-day sma) and then 1.3202 (high Aug.5).