EUR/CAD Live News

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Feb. 22, 2024

Mixed sentiment sees EUR/CAD currency pair ending the session broadly flat; establishes tight 1.4586 to 1.4624 range

Live - Updated 11 minutes ago.

EUR/CAD is down to 1.46, after ending yesterday at 1.4607. Overall, a 0.06% loss or 7 pips today.

While price action maintains a negative bias, Canada New Housing Price Index (MoM) (Jan) came out at -0.1, while a consensus of analysts was expecting 0.1. Germany 10-Year Bund Auction released yesterday at 10:30 UTC with a figure of 2.38, while the previous figure was 2.23.

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, EUR/CAD's upper Bollinger Band® is at 1.46 which indicates a further downward move may follow.

Overall, the technical outlook suggests EUR/CAD is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other pairs as GBP/NZD closed at 2.041 (down 0.15%). GBP/CAD draws back 0.12% to trade around 1.7042.

Though EUR/CAD has been dropping, other pairs have been performing better: having closed the previous session at 0.6181, NZD/USD is up 0.22% today to currently trade at around 0.6194.

Some optimism can drawn from the fact that as things stand, upcoming Germany GDP data is projected to fall short of market expectations with newly published data of -0.3, following on from the preceding figure of -0.1. New data is set to be published tomorrow at 07:00 UTC.

Furthermore, Euro Zone Consumer Price Index figure is projected at 2.8%. It previously stood at 2.9%; data will be released today at 10:00 UTC. Canada Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.2%; data will be released today at 13:30 UTC.

Trading mostly sideways for 2 months. EUR/CAD has shed 61.41% over the past three months.

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Week to date

EUR/CAD ends yesterday stable around 1.46 .

Trading week at a glance - EUR/CAD is up to 1.46, after closing yesterday at zero. Overall, a 0% move or 14,600 pips this week. (Trade EUR/CAD with FXTM now).

Meanwhile, Canada New Housing Price Index (MoM) (Jan) released yesterday at 13:30 UTC with a figure of -0.1, while the previous figure was zero. Germany 10-Year Bund Auction came out at 2.38. Fresh Core Consumer Prices data from Canada came out at 0.1%. Canada Consumer Price Index came out at 0%, while a consensus of analysts was expecting 0.4%. Canada Core Consumer Prices released Tuesday with a figure of 2.4%, while the previous figure was 2.6%.

Outlook for rest of the week: Positive indicators for EUR/CAD are expected going forward as Germany GDP projected to decline to -0.3 while previous data was -0.1; data will be released tomorrow at 07:00 UTC.

The market is looking forward to the release of new data: Euro Zone Consumer Price Index is expected today at 10:00 UTC. Canada Retail Sales is projected to outperform its last figure with 0.8%, having previously been at -0.2%. The figure will be published today at 13:30 UTC.