USD/CAD struggles to break through 1.29 handle ahead of US GDP

   •  Bulls fail near 1.29 handle despite a strong follow-through USD buying interest.
   •  Advance US Q1 GDP growth figures to provide some fresh impetus on Friday.

The USD/CAD pair continued with its struggle to decisively break through the 1.2900 handle and has now retreated around 25-pips from session tops. 

A strong follow-through US Dollar buying interest helped the pair to build on this week's bullish breakthrough 50-day SMA barrier and lifted it to fresh 3-week highs during the early European session on Friday. 

The up-move, however, lacked strong conviction and remained capped at 1.2900 handle amid a mildly softer tone around the US Treasury bond yields. 

Meanwhile, a consolidative price-action around crude oil prices, which tends to influence demand for the commodity-linked currency - Loonie, did little to influence the price momentum on the last trading day of the week. 

Investors now look forward to the advance US Q1 GDP growth figures, which should influence the USD price dynamics and help traders grab some short-term trading opportunities. 

Technical levels to watch

A convincing move beyond the 1.2900 handle is likely to accelerate the up-move towards the 1.2935-40 supply zone, above which the pair is likely to dart towards reclaiming the key 1.30 psychological mark. 

On the flip side, retracement back below 1.2860-55 area might prompt some long-unwinding trade and drag the pair back towards 50-day SMA resistance break, now turned support, near the 1.2810-1.2800 region.