EUR/CAD erases gains after it rallies beyond 1.4825 for the first time in 8 weeks, trading at 1.4694 .
Trading week in a glance - EUR/CAD goes down to 1.4694, following mixed behavior this week, as it ranges between 1.4651 and 1.4825. (Start trading EUR/CAD at FXTM today).
This downslide might be related to financial indicators data published earlier as Germany Business Climate Index beats expectations of 100.6 with new data release of 101.8. This is also a step forward from the previous data of 99.2. Canada Core Retail Sales fall short of the -5% projections, with -7.2% and continued its downward trajectory from previous figure of 4.3%.
Meanwhile, Canada Manufacturing Sales (MoM) released today at 12:30 PM with a figure of one, this is better from previous number of -2.1. Canada Wholesale Sales (MoM) released today at 12:30 PM with a figure of 1.1, this is better from previous number of 0.4. Data for Germany Current Assessment (Jun) released today at 8:00 AM comes out at 99.6, beating projections of 97.8 and showing improvement over the preceding figure of 95.7.
Outlook for rest of the week: Market will keep its eye on the following upcoming macroeconomics indicators: Germany Unemployment Change projected to decline to -9,000 while previous data was -15,000, data will be released Wednesday. Canada GDP that seems to be pointing downwards with an expected 1% while preceding figure was 1.1%, new data will be released Wednesday. Germany Unemployment Rate is expected Wednesday.