Forex: EUR/CAD rallies on weak Canada GDP

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Forex: EUR/CAD rallies on weak Canada GDP

FITITOL--> FXstreet.com (Barcelona) - Just ahead of the American session and Canadian GDP (MoM) in February, the EUR/CAD lifted off from 1.2971 low, headed to a 100-pip rally.

Canadian GDP disappointed as instead of a further rise from 0.1% to 0.2% as expected, actual data revealed recession of -0.2% in February. The EUR/CAD jumped above 1.3000 sentiment level and was capped at 1.3074, for now.

The pair still trades at its highs, at 1.3070 (Apr-24 high). Mataf.net analysts point to resistance at 1.3065 and supports at 1.2960, 1.2930 and 1.2915.