EUR/CAD has been impulsive with the bearish gains recently which lead the price to reside below 1.57 price area with a daily close. EUR has been struggling to keep up with the impulsive gains of CAD which is expected to extend further today having high impact economic reports to be published. Recently CAD Trade Balance report was published with an increased deficit to -2.7B from the previous deficit of 1.9B which was expected to be at -2.1B. Today CAD Employment Change report is going to be published which is expected to increase to 18.8k from the previous figure of 15.4k and Unemployment Rate is expected to be unchanged at 5.8%. Despite the worse economic report recently, CAD managed to sustain the momentum against EUR which is expected to proceed further lower in the coming days. On the EUR side, today German Industrial Production report is going to be published which is expected to increase to 0.2% from the previous negative value of -0.1%, French Government Budget Balance is expected to show less deficit from the previous figure of -10.8B, French Trade Balance report is expected to decrease in deficit to -5.3B from the previous figure of -5.6B and Retail PMI may increase from the previous figure of 52.3. As of the current scenario, CAD is expected to put more pressure on EUR as of the current forecast for today’s high impact economic reports are quite optimistic and any further positive report may lead to further bearish pressure in the pair whereas EUR may still struggle to counter this impulsive pressure.
Now let us look at the technical view. The price is currently residing below 1.57 price area with a daily close which is currently showing some bullish pressure but as of the upcoming high impact reports to publish today, the further bearish pressure is expected with a target towards 1.5350 support area. As the price remains below 1.59 area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/CAD has been impulsive with the bearish gains recently which lead the price to reside below 1.57 price area with a daily close. EUR has been struggling to keep up with the impulsive gains of CAD which is expected to extend further today having high impact economic reports to be published. Recently CAD Trade Balance report was published with an increased deficit to -2.7B from the previous deficit of 1.9B which was expected to be at -2.1B. Today CAD Employment Change report is going to be published which is expected to increase to 18.8k from the previous figure of 15.4k and Unemployment Rate is expected to be unchanged at 5.8%. Despite the worse economic report recently, CAD managed to sustain the momentum against EUR which is expected to proceed further lower in the coming days. On the EUR side, today German Industrial Production report is going to be published which is expected to increase to 0.2% from the previous negative value of -0.1%, French Government Budget Balance is expected to show less deficit from the previous figure of -10.8B, French Trade Balance report is expected to decrease in deficit to -5.3B from the previous figure of -5.6B and Retail PMI may increase from the previous figure of 52.3. As of the current scenario, CAD is expected to put more pressure on EUR as of the current forecast for today’s high impact economic reports are quite optimistic and any further positive report may lead to further bearish pressure in the pair whereas EUR may still struggle to counter this impulsive pressure.
Now let us look at the technical view. The price is currently residing below 1.57 price area with a daily close which is currently showing some bullish pressure but as of the upcoming high impact reports to publish today, the further bearish pressure is expected with a target towards 1.5350 support area. As the price remains below 1.59 area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
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