The Canadian dollar softens after the Q2 GDP fell short of expectations. A rally above 1.3060 prompted sellers to cover their bets, opening the path for an extended recovery. A series of higher lows indicates solid interest in pushing the greenback back to July’s peak at 1.3220, where a bullish breakout could resume the uptrend in the weeks to come. The RSI’s overbought condition may cap the range on the upside for the time being. The resistance-turned-support at 1.3060 is the first level to probe bids.
