EUR/CAD in 7-week highs above 1.4600

The buying pressure around the European currency is pushing EUR/CAD to hit fresh multi-week highs above the 1.4600 handle on Friday.

EUR/CAD higher post-US releases

The cross is quickly gaining upside traction following poor results from the US and Canadian GDP figures, both missing initial estimates. Previously in the euro region, consumer prices have come in higher than expected, lending extra support to EUR.

The cross is thus keeping its recent rally intact, advancing for the second consecutive week and testing 1.4670, levels last traded in early June.

EUR/CAD levels to watch

As of writing the cross is gaining 0.37% at 1.4626 and a surpass of 1.4742 (200-day sma) would expose 1.4734 (high Jun.6) and finally 1.4828 (high May 9). On the other hand, the immediate support is located at 1.4489 (55-day sma) followed by 1.4453 (low Jul.27) and then 1.4429 (20-day sma).