The Loonie was a notable outperformer on the session, gaining a good amount of ground against the USD and on the crosses, after a modestly stronger than forecast GDP print had Loonie shorts deciding to take profit after the currency’s recent slide. USDCAD ran smack into support at the 38.2% fib retracement level from the recent rally in the low 1.04s, and will continue to be a minor support level before the major level of 1.0380 comes into play (100 day moving average, 50% fib, and cloud top.) Corporate hedgers looking to offload some of their short USD exposure may want to think about the strategic use of limit orders surrounding this level, as the relief rally could run into strong USD buying interest just south of 1.0400.