Fundamental Analysis of EUR/CAD for March 30, 2018
March 30, 2018 7:23 amVideo
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EUR/CAD has been quite volatile and impulsive with the bearish gains recently which lead the price to break below the 1.59 support area. Despite having worse economic reports, CAD has managed to sustain its gains currently and is expected to lead to further bearish pressure in the pair in the coming days. Today, as of the observation of Good Friday, no economic reports or events on CAD side are going to be published but recently CAD GDP report showed a decrease to -0.1% from the previous value of 0.2% which was expected to be at 0.1%. Moreover, CAD RMPI report was published negative at -0.3% decreasing from the previous value of 3.4% which was expected to be at 2.8% and IPPI report also showed a decrease to 0.1% which was expected to be unchanged at 0.4%. On the other hand, EUR has been quite positive with the recent economic report of German Unemployment Change which showed more deficit to -19k than expectation of -15k but failed to get good momentum over CAD. Today, EUR French Consumer Spending report is going to be published which is expected to increase to 2.2% from the previous value of -1.9%, French Prelim CPI is expected to increase to 0.8% from the previous value of 0.0% and Italian Prelim CPI is expected to be unchanged at 0.1%. As of the current scenario, if the EUR economic reports meet the expectations today then further volatility is expected in this pair whereas a daily close may result to a bullish body leading to EUR gaining impulsive momentum over CAD in the coming days. Or else, CAD may sustain its gains in the coming days.
Now let us look at the technical view. The price is currently residing below the price area of 1.59 violating the dynamic level of 20 EMA support which is expected to lead to further bearish pressure towards 1.57 and later towards the 1.5350 price area in the coming days. As the price remains below the 1.6150 price area with a daily close, further bearish pressure is expected.
The material has been provided by InstaForex Company – www.instaforex.com
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