During yesterday’s trading session EUR/CAD traded within the range of 1.4913-1.5044 and closed at 1.4950.
At 6:40 GMT today EUR/CAD was gaining 0.15% for the day to trade at 1.4965. The pair touched a daily high at 1.4970 at 6:25 GMT.
Fundamental view
Industrial production in the Euro zone probably dropped 0.3% in March from the previous month, according to the median analyst’ estimate. In February, industrial output rose by 0.2%. On year-over-year basis, the index probably rose 0.9% in March, following a 1.7% increase in the previous month.
Industrial production is an indicator of the business cycle that shows the activity and development in the industry as a whole, by measuring the change in volume for a certain period of time. Information on industrial production is raised through special studies for EU members, which are called Prodcom. They cover between 5000 and 6000 products. The index measures the percentage change from the previous month.
A larger than expected increase in the industrial output would heighten the appeal of the euro. The official report is due out at 09:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/CAD manages to breach the first resistance level at 1.5025, it will probably continue up to test 1.5100. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5156.
If EUR/CAD manages to breach the first key support at 1.4894, it will probably continue to slide and test 1.4838. With this second key support broken, the movement to the downside will probably continue to 1.4763.
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