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EUR/CAD spikes to 1.42 after Canada GDP data

FXStreet (Mumbai) - The EUR/CAD pair hit a high of 1.4209 on the back of a dismal Canada GDP, but trimmed gains to 1.4180 levels.

Bounced of 200-DMA

The pair jumped from its 200-DMA at 1.4113 after the data in Canada showed the economy contracted 0.5% m/m in September. The annualised Q3 GDP rate came-in at 2.3% as expected. The surprisingly weak monthly GDP figure hurt the CAD.

Meanwhile, the CAD managed to regain some poise against the USD, while the EUR/USD pair remained above 1.06 levels. Consequently, the EUR/CAD cross trimmed gains, but stayed well into the positive territory.

EUR/CAD Technical Levels

The immediate resistance is located at 1.4209 (daily high), above which the gains could be extended to 1.4281 (Nov 23 high). On the other side, a break below the hourly 200-MA at 1.4166 would expose 1.4127 (hourly 50-MA) and 1.4113 (200-DMA).

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