USD/CAD is currently consolidating above the 1.0150 minor psychological support level as traders await the release of the monthly GDP reading for January.

The figure is expected to rebound by 0.1% from the -0.2% reading seen last December.

A stronger than expected reading could trigger a downside breakout to the next support level around 1.0115 or possibly until the 1.0100 major psychological level, depending on how positive the actual reading is.

On the other hand, a weaker than expected figure could trigger an upside breakout by USD/CAD. This could push the pair back to the 1.0200 major psychological level, which has acted as support in the past.

By Kate Curtis from Trader’s Way