USD/CAD stays near daily highs around 1.2470

The Canadian Dollar is depreciating further vs. its American peer on Friday, now pushing USD/CAD to the 1.2670/80, fresh daily peaks.

USD/CAD bid after data

Spot intensified the upside after Canadian GDP figures disappointed investors today, showing the economic growth stayed flat in July vs. forecasts for a monthly expansion of 0.1%.

In the US docket, personal income and spending matched initial estimates, rising 0.2% and 0.1%, respectively, on a monthly basis. In addition, inflation figures measured by the core PCE rose less than expected 1.3% YoY and 0.1% inter-month.

In the meantime, the pair remains susceptible to the performance of yields in both the Canadian and US markets, where yields of the 10-year reference keep navigating the area of daily lows, with spreads favouring the buck so far.

USD/CAD significant levels

As of writing the pair is gaining 0.35% at 1.2470 facing the next up barrier at 1.2521 (high Sep.28) seconded by 1.2664 (high Aug.31) and finally 1.2722 (38.2% Fibo of the 2017 drop). On the downside, a drop below 1.2361 (10-day sma) would aim for 1.2291 (21-day sma) and then 1.2119 (low Sep.15).