During yesterday’s trading session EUR/CAD traded within the range of 1.4782-1.4828 and closed at 1.4801.
At 6:55 GMT today EUR/CAD was losing 0.04% for the day to trade at 1.4803. The pair touched a daily low at 1.4784 at 5:40 GMT, breaching the first key support.
Fundamental view
Euro zone’s gauge of economic sentiment probably improved to a reading of 102.2 in May from 102.0 in the previous month, according to the median analysts’ estimate.
This is a compound index, that is comprised of five sub-indexes, reflecting sentiment in different sectors of the economy. It includes consumer confidence, industrial confidence, confidence in the sector of services, confidence in the retail trade sector and confidence in the sector of construction.
Readings above the key level of 100.0 are indicative that optimistic forecasts overwhelm pessimistic ones. The more readings distance from it, the stronger the economic confidence is. The official reading is due out at 9:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/CAD manages to breach the first resistance level at 1.4825, it will probably continue up to test 1.4850. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4871.
If EUR/CAD manages to breach the first key support at 1.4785, it will probably continue to slide and test 1.4758. With this second key support broken, the movement to the downside will probably continue to 1.4729.
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