FxWirePro: EUR/CAD hits 1-week high, scope for further upside

• EUR/CAD rose to  hit 1-week high  on Thursday as investors digested a string of soft U.S. economic data that raised concerns about the strength of the American economy. 
• U.S. GDP shrank at a 0.2% rate in Q1, slightly better than the initial 0.3% drop, according to the BEA's second estimate released Thursday.

• Separate data showed the number of Americans filing new applications for jobless benefits rose more than expected last week.

• Investors are now turning their attention to Germany's retail sales data due Friday, which is expected to show a YoY decline to 1.8% in April, down from 2.2% in March.

•Technical signals for EUR/CAD remain bullish. The Relative Strength Index (RSI) is heading higher, Daily momentum studies — specifically the 9, 11, and 14-day moving averages — are all trending upward, suggesting continued buying interest..
 
•  Immediate resistance is located at 1.5758(38.2%fib), any close above will push the pair towards 1.5792 (Higher BB).

• Support is seen at 1.5611(50%fib) and break below could take the pair towards 1.5497 (Lower BB).

Recommendation: Good to buy around 1.5700, with stop loss of 1.5630 and target price of 1.5770