EURCAD Euro vs Canadian Dollar

The euro advanced against the other major currencies in European deals on Friday, as yesterday's positive data out of Eurozone signaled that the region's recovery is gathering momentum.

Eurozone emerged out of deflation in April, data showed yesterday, indicating that the European Central Bank's quantitative easing program is showing its desired effect.

Further, Eurozone jobless rate remained at its lowest level in nearly three years in March, separate data showed.

Greece government had started negotiations with its lenders in Brussels on a reform package, which will stretch into the weekend. Athens offered concessions, consenting to sell a majority stake in its two biggest ports and compromising on value-added tax rates and some pension reforms. Greece expects an interim deal by next week, to unlock financial aid.

The euro has been trading higher in the recent sessions. The currency thus rose 4.01 percent against the greenback, 2.66 percent against the pound and 2.79 percent against the yen from early March, when the ECB began its quantitative easing program.

The euro that fell to 1.3525 against the loonie in Asian deals hit more than 3-week high of 1.3630. The euro-loonie pair finished yesterday's trading at 1.3539. The next possible resistance for the euro may be located around the 1.37 level.

The single currency strengthened to 1.1284 against the greenback, its strongest since February 26, from an early low of 1.1199. The pair was trading at 1.2222 when it closed yesterday's trading. If the euro extends rise, it may challenge resistance around the 1.15 mark.

The euro appreciated 0.88 percent to hit more than a 3-week high of 0.7363 versus the pound. This may be compared to an early low of 0.7299. At Thursday's close, the pair was valued at 0.7309. On the upside, the euro is likely to face resistance around the 0.75 zone.

The EUR/GBP pair got a boost by falling pound, following a slowdown in British manufacturing sector growth in April.

Survey figures from Markit Economics showed that U.K. PMI fell to 51.9 in April from 54.0 in March, which was revised down from 54.4. Economists had expected the index to rise to 54.6.

The euro edged up to 1.0503 versus the franc in early European deals before being steady in a short while. Next key resistance for the euro may be eyed around the 1.10 level.

The single currency spiked up to near a 2-month high of 1.4853 against the kiwi, more than 3-week high of 1.4288 against the aussie and more than a 2-month high of 135.10 against the yen. The euro is likely to find resistance around 1.50 against the kiwi, 1.45 against the aussie and 138.00 against the yen.

Looking ahead, U.S. ISM manufacturing index for April, construction spending data for March and Reuters/University of Michigan's final consumer sentiment index for April are due to be released in the New York session.

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