- The cross drops to lows following poor GDP figures.
- Canadian GDP contracted 0.1% MoM in September.
- On a yearly basis, GDP expanded 2.1% in Q3.
Renewed weakness surrounding the Canadian Dollar is now forcing EUR/CAD to drop to session lows near the 1.5100 handle.
EUR/USD offered on data
The cross has accelerated the daily downside after canandian GDP figures noted the economy contracted at a monthly 0.1% during September vs. a 0.1% expansion forecasted.
Further data saw the economy expanding at an annualized 2.0% QoQ during the July-September period from 2.9% in the previous quarter.
In the meantime, the cross remains close to multi-day peaks against the backdrop of declining crude oil prices and uncertainty in the US-China trade front.
EUR/CAD levels to watch
As of writing the cross is losing 0.08% at 1.5120 and a surpass of 1.5149 (high Nov.21) would expose 1.5294 (200-day SMA) and finally 1.5327 (High Sep.27). On the other hand, the immediate support is located at 1.5079 (100-day SMA) followed by 1.5013 (21-day SMA) and then 1.4948 (low Nov.23).
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