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FxWirePro: EUR/CAD slips as firm oil price lift loonie despite soft GDP data

• EUR/CAD edged lower on Tuesday as Canadian dollar firmed as higher oil prices offset soft Canadian GDP data. • Economic output in Canada fell 0.3% in October, marking its biggest drop in almost three years and exceedin…

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FxWirePro: EUR/CAD slips as firm oil price lift loonie despite soft GDP data
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• EUR/CAD edged lower on Tuesday  as Canadian dollar firmed as higher oil prices offset soft Canadian GDP  data.

• Economic output in Canada fell 0.3% in October, marking its biggest drop in almost three years and exceeding forecasts for a 0.2% decline, with early data showing a 0.1% rebound in November.

• The price of oil was trading 0.6% higher at $58.35 a barrel, supported by supply disruption fears after Ukrainian attacks on Russian vessels and piers. Oil is one of Canada's major exports.

• Meanwhile,minutes released Tuesday showed Bank of Canada Governing Council agreed ahead of the December 10 policy decision that uncertainty around the outlook made it hard to judge whether the next interest-rate move would be a hike or a cut..
 
•  Immediate resistance is located at 1.6185(SMA 20), any close above will push the pair towards 1.6253 (38.2%fib).

•  Support is seen at 1.6113(50%fib) and break below could take the pair towards 1.6068(Lower BB).

Recommendation: Good to sell  around 1.6150 , with stop loss of 1.6200  and target price of 1.6080
 

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