The Loonie Hits 1.42000 Versus Euro after Upbeat GDP Data

Canadian dollar hit more-than-three-week highs versus the euro on Friday after economic data showed the Canadian economy expanded more strongly than expected.

The pair dropped 0.15% to hit a support 1.42000 after Statistics Canada on Friday reported gross domestic product grew by a healthy 0.6 percent in January from December. The reading was by a healthy 0.6 percent in January from December and helped indicate that first-quarter growth will be stronger than expected as the country gradually recovers from the shock of low oil prices.

The rise in January, which marked the seventh in the past eight months, was spurred by widespread expansion in goods and services-producing industries.

Trade suggestion

Sell Stop at 1.42000, Take profit 1.41600, Stop loss at 1.42200

 

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