EUR/CAD Live News

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Jan. 24, 2022

EUR/CAD parks at 1.4312

Live - Updated 59 minutes ago.

EUR/CAD goes up to 1.4312 after dipping down to 1.43 earlier.

Canada Manufacturing Sales (MoM) is released with a new figure of 0.8, this is down from preceding data of 2.6. Euro Zone Manufacturing PMI beats expectations of 57.5 with new data release of 59. This is also a step forward from the previous data of 58. Euro Zone Services PMI published today at 9:00 AM came out at 51.2, falling short of the 52.2 projections and continuing its decline from the previous 53.1 figure.

As the day reaches an end a chart visual study suggests the nearest resistance level is at 1.4597. In terms of trend indicators, we can see that at 1.4314, EUR/CAD made an initial breakout above 21 day Simple Moving Average, an indication of a positive trend. Medium-term trend indication has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line crosses above the MACD signal line. Asset volatility analysis shows that Despite this, a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 1.4452 – a high enough level to usually suggest EUR/CAD is trading above its value.

According to technical analysis, it looks as if EUR/CAD likely to continue pointing upward in the short term.

EUR/CAD shows positive signs, other assets are also on par: after 5 months and a half, EUR/NZD traded above the 1.69 levels.

At the same time, EUR/AUD broke through the 1.5851 resistance.

Other assets are showing mixed performances as USD/HKD trades around 7.7863, with no major change.

The market is looking forward to the release of new data: Germany Business Climate Index is expected tomorrow at 9:00 AM. Germany's new Current Assessment (Jan) data will be available tomorrow at 9:00 AM. Data is expected to decline to 96.1 from its previous value of 96.9. Germany Business Expectations is projected to outperform its last figure with 93. It previously stood at 92.6; data will be released tomorrow at 9:00 AM.

EUR/CAD had a bad year so far, losing 0.62%. By looking at long-term behavior, it is clear that EUR/CAD has been trading sideways for the last a month.

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Week to date

EUR/CAD is trading around 1.4312 after ending the previous session at 1.4251 (up 0.43%) .

A good end to the trading week, after ending the previous week at 1.4251, EUR/CAD went up to 1.4372 only to drop back to midpoint range and now trades at 1.4312. (Trade EUR/CAD with FXTM now).

EUR/CAD's green move takes place amid mixed market indicators — Canada Core Retail Sales fall short of the 1.3% projections, with 1.1% and continued its downward trajectory from previous figure of 1.3%. Euro Zone Consumer Price Index matches expectations with new data release of 5%. This is also a step forward from the previous data of 4.9%. Canada Core Consumer Prices is released with a new figure of 0%, this is down from preceding data of 0.6%.

At the same time, data for Canada Manufacturing Sales (MoM) was released today at 1:30 PM suggests a downwards trend with 0.8, while previous data was 2.6. Euro Zone Manufacturing PMI beats expectations of 57.5 with new data release of 59. This is also a step forward from the previous data of 58.

Outlook for rest of the week: The market is looking forward to the release of new data: Germany Business Climate Index figure is projected at 94.7. It previously stood at 94.7; data will be released tomorrow at 9:00 AM. Canada Interest Rate is expected Wednesday. Canada BoC Monetary Policy Report scheduled to come out Wednesday.