USD/CAD settled back above 1.2450 and is testing the resistance level at 1.2480.
The Canadian dollar edged up against its U.S. counterpart on Friday, with the currency holding onto this week's gains as a preliminary estimate showed Canada's economy rebounding in June. It was on track to advance for the second straight week, with a gain of 1%, as dovish remarks by the U.S. Federal Reserve took the steam out of a month-long rally for the U.S. dollar. The Canadian economy most likely expanded by 0.7% in June as businesses reopened after shutdowns imposed to help fight the coronavirus pandemic, Statistics Canada said.
Real gross domestic product contracted 0.3% in May during lockdowns, says Statistics Canada.