The Canadian dollar recouped losses after November’s GDP beat expectations. On the daily chart, the pair is still in a flag consolidation. A break above the previous resistance of 1.3400 eased some pressure but was not enough to clear the supply zone between 1.3470 and 1.3500. A sharp reversal below 1.3380 then 1.3300 reveals that the bears are still in control of the price action. November’s swing low at 1.3230 is a critical support as the RSI drops into oversold territory. 1.3350 is the immediate resistance.
