FxWirePro: EUR/CAD uptrend loses momentum but bullish setup remains

• EUR/CAD slipped lower on Wednesday as investors digested Eurozone, German and Canadian GDP data. 

• The Eurozone economy grew more than anticipated in the first quarter, expanding by 0.4% compared to expectations of 0.2%. The growth was largely driven by a strong performance in Spain, according to Eurostat data.

• Germany’s economy grew in Q1, driven by stronger consumption and investment, helping it narrowly avoid a recession after a contraction in the previous quarter, data showed on Wednesday.

• Preliminary data from Germany's statistics office showed that GDP rose by 0.2% in Q1, in line with forecasts, compared to the previous three-month period.

• Canada's GDP declined by 0.2% in February, driven by a contraction in the mining, oil and gas, and construction sectors.
 
• Immediate resistance is located at 1.5783(Daily high), any close above will push the pair towards 1.5877(23.6%fib).

• Support is seen at 1.5638(38.2%fib) and break below could take the pair towards 1.5456(50%fib).

Recommendation: Good to buy   around 1.5660 , with stop loss of 1.5520  and target price of 1.5800