During yesterday’s trading session EUR/CAD traded within the range of 1.4759-1.4845 and closed at 1.4824.
At 6:28 GMT today EUR/CAD was gaining 0.04% for the day to trade at 1.4828. The pair touched a daily high at 1.4834 at 6:25 GMT.
Fundamental view
The flash reading of the harmonized index of consumer prices (HICP) in the Euro zone probably remained intact in May from the final reading of 0.7% in the previous month, according to the median estimate by experts.
The HICP is used to measure and compare inflation between Member States. It is used for further evaluation of inflation, according to Art . 121 of the Amsterdam’s Agreement and directives of the European Central Bank to achieve price stability and the implementation of monetary policy. HICP is calculated based on international harmonized standards adopted by Member States. This is the percentage change compared to the corresponding month of the previous year.
Eurostat is scheduled to release the official report at 09:00 GMT. A weaker-than-expected reading may prompt the ECB to ease monetary policy at its meeting this week, to avoid risks of deflation. However, higher-than-expected reading will probably relieve pressure on central bank’s officials and they will not need to take imminent actions.
In addition, the jobless rate in the Euro zone as a whole probably remained steady at 11.8% in April. The official rate is due to be released at 9:00 GMT by Eurostat. Lower than expected unemployment rate would be supportive for the 18-nation common currency.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/CAD manages to breach the first resistance level at 1.4860, it will probably continue up to test 1.4895. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4946.
If EUR/CAD manages to breach the first key support at 1.4774, it will probably continue to slide and test 1.4723. With this second key support broken, the movement to the downside will probably continue to 1.4688.
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