USD/CAD Technical Analysis: Consolidates in a range above mid-1.3000s, US GDP awaited

   •  The pair has been oscillating within a downward sloping trading range and has struggled to decisively move back above 50-day SMA barrier. 

   •  With short-term technical indicators gradually picking up positive momentum on the shorter time frame, expectations for a strong US Q2 GDP print was seen lending some support. 

   •  However, even the slightest of disappointment would be enough to prompt some aggressive fresh selling and turn the pair vulnerable to head back towards challenging the key 1.3000 psychological mark.

USD/CAD 30-mins chart

Spot rate: 1.3073
Daily Low: 1.3053
Trend: Neutral

Resistance
R1: 1.3100 (round figure mark)
R2: 1.3135 (R2 daily pivot-point)
R3: 1.3181 (200-period SMA H4)

Support
S1: 1.3053 (current day swing low)
S2: 1.3000 (psychological round figure mark)
S3: 1.2962 (S3 daily pivot-point)