The Canadian dollar struggles over a slowdown in April’s GDP growth. Sentiment remains in the US dollar’s favour after a tentative break above May’s high at 1.3070. A bullish MA cross on the daily chart indicates an acceleration to the upside as the pair bounces back. A close above 1.2910 led short-term sellers to cover their positions. 1.2980 from a previous sell-off is a key hurdle and its breach may take out the remaining selling interest and pave the way for an extended rally. On the downside, 1.2820 is a major support.
