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Sep. 29, 2022

EUR/CAD retreats 24 pips from 2 months high

Live - Updated 35 minutes ago.

EUR/CAD reached 1.34, breaking a 2 months record. Later, it lost 24 pips and is now trading at 1.3375.

EUR/CAD is currently trading at 1.3375 following the release of GDP data from the Canada.

EUR/CAD upside coincides with further encouraging market factors as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

Meanwhile, Germany Consumer Price Index came out at 10%, while a consensus of analysts was expecting 9.4%. Canada GDP released today at 12:30 UTC with a figure of 4.3%, while the previous figure was 4.56%.

EUR/CAD broke through the 1.3246 resistance, climbing 128 pips above it. EUR/CAD has just crossed its upper Bollinger band at 1.3372, suggesting further gains could be on the cards. On the other hand, note that despite posting gains so far today, EUR/CAD slid below its 10 day Simple Moving Average at 1.3229 in earlier trade — an early indicator that a negative trend could be emerging.

With all probabilities considered, today's gains in EUR/CAD have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.

Elsewhere, other currency pairs are also gaining ground as GBP/NZD skyrockets 2.18% to trade around 1.94. Having closed the previous session at 1.4821, GBP/CAD is up 1.93% today to currently trade at around 1.5107. GBP/JPY soars 1.49% to trade around 159.21.

Furthermore, the market is looking at Germany Unemployment Change is projected to outperform its last figure with 20,000. It previously stood at 28,000; data will be released tomorrow at 07:55 UTC.

Also worthy of note, Euro Zone Consumer Price Index is expected tomorrow at 09:00 UTC. Projections for Germany Retail Sales are set for a continuation of decline with -1% while previous data was 1.9%; data will be released tomorrow at 06:00 UTC. France Consumer Price Index is expected tomorrow at 06:45 UTC.

Having set a significant low of 1.2895 a month ago, EUR/CAD is trading 2.78% higher.

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Week to date

EUR/CAD inches up to 1.3375 (a 0% gain) after closing the previous session at zero .

Trading week at a glance - EUR/CAD is up to 1.3375, after closing yesterday at zero. Overall, a 0% move or 13,375 pips this week. (Trade EUR/CAD with FXTM now).

This move comes while some more positive signs for EUR/CAD are out as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%. Germany Business Climate Index published Monday came out at 84.3, falling short of the 87 projections and continuing its decline from the previous 88.6 figure.

On the flip side, highly important Core Retail Sales data from Canada beat analyst expectations of -1.2% with a reading of -3.1%.

Meanwhile, Germany Consumer Price Index came out at 10%, while a consensus of analysts was expecting 9.4%. Canada GDP data released today at 12:30 UTC showed continuing decline to 4.3% from a previous figure of 4.56%.

Also worthy of note, Germany Unemployment Change is projected to outperform its last figure with 20,000. It previously stood at 28,000; data will be released tomorrow at 07:55 UTC.

Also worthy of note, Euro Zone Consumer Price Index figure is projected at 9.7%. It previously stood at 9.1%; data will be released tomorrow at 09:00 UTC. Canada Ivey PMI (Sep) scheduled to come out Thursday.