Mar. 3, 2021
EUR/CAD trading at 1.5267 with no clear-cut direction, ranging between 1.5281 and 1.5257. (Trade EUR/CAD with FXTM now).
This limbo state for EUR/CAD is reflected by market data published as Euro Zone Consumer Price Index matches projections with new data release of 0.9. indicator value is unchanged and is the same as previous data of 0.9. Germany's Unemployment Change fell short of the -13,000 projection at 9,000 and continued its downward trajectory from the previous figure of -37,000. The Data for Canada GDP Annualized (QoQ) (Q4) released yesterday at 1:30 PM is better than expected at 9.6, but worse than the previous figure of 40.6.
Visual analysis of the EUR/CAD's price graph shows EUR/CAD might start to recover soon because it is getting close and is now only 47 pips from the support line at 1.5219, Obviously, dipping below it could be an indication that further losses are ahead. Asset volatility analysis shows that the lower Bollinger band is at 1.5218, indicating a positive move might be next.
Overall, looking at the technical analysis landscape, it seems EUR/CAD might start pointing upward in the short term.
While EUR/CAD is pretty flat so far today, mixed performances are seen elsewhere as
Data to be released later might clear up some of the fog for EUR/CAD as Canada Building Permits is projected to outperform the last figure at 3.5 while it previously stood at -4.1, data will be released today at 1:30 PM. Euro Zone Retail Sales projected to come out at -1.1 – worse than previous data of two, Data will be released tomorrow at 10:00 AM. Spain Services PMI is projected to outperform the last figure with 43, while it previously stood at 41.7, data will be released today at 8:15 AM.