FXStreet (Edinburgh) – The increasing bid tone around the single currency is pushing EUR/CAD to the upper bound of the range near 1.4550.
EUR/CAD boosted by data
The cross has seen its upside intensified after the Canadian GDP has expanded 0.1% from July to August, matching prior surveys. Previously in the euro area, flash core consumer prices for the current month surprised to the upside, advancing 1.0% YoY.
The cross is closing the week with gains after four consecutive weekly pullbacks, managing to leave behind recent troughs in sub-1.44 levels following the drop in EUR in the wake of the FOMC gathering.
EUR/CAD relevant levels
As of writing the cross is advancing 0.41% at 1.4519 facing the next resistance at 1.4671 (high Oct.28) followed by 1.4762 (downtrend from 1.5562) and finally 1.4965 (50% Fibo of 1.5562-1.4370). On the flip side, a breakdown of 1.4370 (low Oct.28) would aim for 1.4121 (200-day sma) and then 1.3514 (low Jun.29).
(Market News Provided by FXstreet)