EUR/CAD Live News

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EUR/CAD

Jun. 24, 2021

After four days of going down, EUR/CAD up 16 pips today

Live - Updated 2 minutes ago.

After starting the day at 1.4678 EUR/CAD went up to 1.472 only to drop back, yet still positive overall today, trading now at 1.4694.

EUR/CAD green move takes place amid mixed market indicators – Germany Business Climate Index comes out at 101.8, above the estimate of 100.6. 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%.

More data out yesterday as Released today at 12:30 PM, Canada's Manufacturing Sales (MoM) showed an uptick coming in at one, up from the previous number of -2.1.

A study off EUR/CAD's chart pattern shows EUR/CAD could be slowing down soon as it approaches resistance at 1.4789, of course crossing it might suggest further gains are ahead. In terms of trend indicators, we can see that the CCI indicator is bellow -100. When the CCI (Commodity Channel Index) is at this level it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 1.4788 – a high enough level to usually suggest EUR/CAD is trading above its value. On the other hand note that at 1.47, EUR/CAD made an initial breakout above 3 day Simple Moving Average, an indication of a positive trend.

Overall, looking at the technical analysis landscape, it seems a reverse of course in the short term might be next for EUR/CAD.

In the meantime, USD/HKD trades around 7.763, with no major change. Nasdaq up to 14,340(0.48%), adding to its four days of gains. After four days of gains, it's down 0.34% today.

Market is looking forward for Germany GfK Consumer Climate (Jul) is projected to rise to -4, beating the previous -7 figure. Official data is expected tomorrow at 6:00 AM. France Jobseekers Total is expected tomorrow at 10:00 AM. Italy 10-Year BTP Auction scheduled to come out tomorrow at 10:00 AM.

EUR/CAD had a bad year so far, losing 5.95%. Looking at the long term behavior shows EUR/CAD has been trading sideways for the last 10 months.

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Week to date

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.

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