FxWirePro: EUR/CAD slides as strong Canada GDP lifts Loonie

• EUR/CAD slipped lower on Friday as upbeat  Canada’s GDP data lifted the Canadian dollar.

• Third-quarter data showed Canada’s economy expanded 2.6% on an annualized basis, surpassing forecasts as stronger exports and government-led capital spending lifted growth..

• Data showed economic output grew 0.2% month-on-month in September in line with forecasts, while October GDP was seen falling 0.3%, according to a preliminary estimate.

• The data reinforced expectations that the Bank of Canada will keep interest rates unchanged on December 10.

•Canada’s central bank said last month it would maintain its benchmark interest rate at 2.25% and move only in response to a significant change in economic conditions..

•  Immediate resistance is located at 1.6247(SMA 20), any close above will push the pair towards 1.6294 (38.2%fib).

•  Support is seen at 1.6142(50%fib) and break below could take the pair towards 1.6124(Lower BB).

Recommendation: Good to sell around 1.6220 , with stop loss of 1.6300  and target price of 1.6150