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Forex: EUR/CAD higher on risk-off mood

FXstreet.com (Barcelona) - The publication of weakening GDP and industrial production data in China set off an up move above 1.3300 during the Asian session in a risk-off mood. The release of EMU trade balance data allowed the EUR/CAD to score further gains on the day, reaching as high as 1.3356.

The seasonally adjusted EMU trade surplus widened from €9.0B to €12B in February, beating the €9.9B consensus, while the non-seasonally adjusted figure moved from €-4.7B (revised from €-3.9B) to €10.4B, coming higher than the €3.0B consensus.

China GDP data eased from 7.9% to 7.7% (consensus of 8.0%) in Q1 (YoY), while QoQ data came in at 1.6% (consensus of 1.9%). Also, Chinese urban investment (down from 21.2% to 20.9% vs 21.3% consensus) and industrial production (down from 9.9% to 8.9% vs 10% consensus) in March didn’t help the mood, unlike China retail sales that rose from 12.3% to 12.6%, against expectations of 12.5%.

Canada “existing home sales data for March are released, where regional real estate board reports have been mixed at best, and we are bracing for another disappointment on the national level following the 2.1% decline in February. While poor weather has contributed to some of the weakness, the underlying momentum in the market has clearly slowed following the steps taken by policymakers last year to tighten mortgage regulations”, wrote TD Securities analyst Annette Beacher.

Mataf.net analysts point to resistance at 1.3375 and 1.3405. On the downside, supports might be found at 1.3300, 1.3255 and 1.3200.

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