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EUR/CAD

Jan. 31, 2023

EUR/CAD set for weak finish today; down 0.5% to 1.4448 with a hour before close

Live - Updated 86 minutes ago.

Late into the session, EUR/CAD loses 72 pips (0.5%), currently trading at 1.4448.

Data for Germany Unemployment Change published today at 08:55 UTC came out at -15,000, beating projections of 5,000 and showing improvement over the preceding figure of -13,000.

Meanwhile, Canada's GDP published today at 13:30 UTC came out at 0.1%. The fresh reading lived up to analyst expectations as well as matching the previous month's figure. Italy 10-Year BTP Auction released today at 10:10 UTC with a figure of 4.28, while the previous figure was 3.96.

Trend analysis indicates that EUR/CAD made an initial break below its 21 day Simple Moving Average at 1.4471, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at 1.4512, market bears have earmarked 1.4387 as the next downside target. Asset volatility analysis shows that EUR/CAD's lower Bollinger Band® is at 1.4377, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Following today's trading session, chart analysis suggests EUR/CAD could begin to recover as it approaches significant support, now 1 pips away from 1.4447. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates EUR/CAD will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other pairs as USD/CHF closed at 0.9159 (down 0.98%). After ending yesterday's session at 1.653, GBP/CAD lost 142 pips and is trading around 1.6388. USD/CAD is down to 1.33, losing 84 pips, after closing at 1.3385 in the preceding trading session.

Furthermore, Euro Zone Consumer Price Index figure is projected at 9%. It previously stood at 9.2%; data will be released tomorrow at 10:00 UTC. Euro Zone ECB Press Conference scheduled to come out tomorrow at 13:45 UTC. Italy Consumer Price Index figure is projected at 0.1%. It previously stood at 0.3%; data will be released tomorrow at 10:00 UTC.

EUR/CAD is now trading 0.63% away from its significant high of 1.4611 first tested 6 days ago.

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Week to date

After ending yesterday at 1.4448, EUR/CAD shifts up to 1.4448 (down 14,447 pips) .

A good end to the trading week, EUR/CAD is up to 1.4448, after closing yesterday at zero. Overall, a 0% move or 14,447 pips this week. (Trade EUR/CAD with FXTM now).

Nevertheless, highly important Unemployment Change data from Germany beat analyst expectations of 5,000 with a reading of -15,000. Highly important Business Climate Index data from Germany beat analyst expectations of 90.2 with a reading of 90.2.

At the same time, new Canada GDP data was unchanged from the previous month and matched analyst projections of a reading of 0.1%. Canada Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. Italy 10-Year BTP Auction released today at 10:10 UTC with a figure of 4.28, while the previous figure was 3.96.

Furthermore, the market is looking at Euro Zone Deposit Facility Rate (Feb) will be released Thursday. Euro Zone Interest Rate is expected Thursday. Euro Zone ECB Marginal Lending Facility scheduled to come out Thursday.

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