28 Nov 2014
EUR/CAD shoots higher after short-lived correction
FXStreet (Córdoba) - Canadian dollar failed to benefit from stronger than expected GDP and it resumed its decline versus the euro and the greenback following a short-lived bounce.
EUR/CAD fell nearly half a cent to the 1.4185 area as the knee-jerk reaction to data, but quickly bounced and overshot previous highs, climbing to 1.4264 as investors took the opportunity to buy on dips. At time of writing, EUR/CAD is trading at 1.4260, recording a 1.0% gain on the day.
Canadian annualized gross domestic product rose 2.8% in the third quarter, beating expectations of 2.1%, but below the 3.6% rise printed the previous quarter.
The loonie continues to suffer on the back of OPEC decision to maintain oil output quotas unchanged.
EUR/CAD fell nearly half a cent to the 1.4185 area as the knee-jerk reaction to data, but quickly bounced and overshot previous highs, climbing to 1.4264 as investors took the opportunity to buy on dips. At time of writing, EUR/CAD is trading at 1.4260, recording a 1.0% gain on the day.
Canadian annualized gross domestic product rose 2.8% in the third quarter, beating expectations of 2.1%, but below the 3.6% rise printed the previous quarter.
The loonie continues to suffer on the back of OPEC decision to maintain oil output quotas unchanged.