May. 7, 2021
After starting the day at 1.4649 EUR/CAD dropped to 1.4649, hitting its lowest point in 1 year, it later recovered 107 pips and is now trading at 1.4757 (Trade EUR/CAD with FXTM now).
The EUR/CAD green move comes while some more encouraging signs are out as Canada's Ivey PMI (Apr) released today at 2:00 PM is better than expected at 60.6 but down from preceding data of 72.9 according to new data.
At the same time, Canada Employment Change published today at 12:30 PM came out at -207,100, falling short of the -175,000 projections and continuing its decline from the previous 303,100 figure.
More data out yesterday as Euro Zone CFTC EUR speculative net positions were released today at 7:30 PM with a figure of 84,800, This is better than the previous number of 81,000.
As the day reaches an end, a chart visual study suggests the nearest resistance level is at 1.5177. In terms of trend indicators, we can see that at 1.4767, EUR/CAD made an initial breakout above the 5 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the lower Bollinger band is at 1.4615, indicating further gains might be next.
Overall, looking at the technical analysis landscape, it seems EUR/CAD might continue pointing upwards in the short term.
A look at other markets also shows green moves as the S&P 500 climbs to a new all-time high at 4,236. The Euro is up 102 pips, last time it gained this much in one day was December 2020.
At the same time, Singapore dollar fell by 0.61%, its largest drop since May 2020. For the first time in 2 months, pound/dollar rose above the 1.4 level.
