• EUR/CAD declined sharply on Friday after data showed Canada's economy grew faster than expected in the first quarter.
• Canada’s economy outpaced expectations in Q1, boosted by a surge in exports as U.S. firms rushed to import goods ahead of Trump’s tariffs.
• Canada’s Q1 GDP expanded 2.2% annualized, beating the previous quarter’s revised 2.1%, according to Statistics Canada.
• With the GDP data out, markets have trimmed the odds of a BoC rate cut next week to 22%, compared to 27% previously.
• At GMT 15:49, the euro was trading down 0.53 percent at 1.5607 against Canadian dollar.
• Immediate resistance is located at 1.5634(38.2%fib), any close above will push the pair towards 1.5792 (Higher BB).
• Support is seen at 1.5576(May 23rd low) and break below could take the pair towards 1.5519(23.6%fib).
Recommendation: Good to buy around 1.5610, with stop loss of 1.5660 and target price of 1.5520
