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Forex Market: EUR/CAD daily forecast

During yesterday’s trading session EUR/CAD traded within the range of 1.4504-1.4548 and closed at 1.4532.

At 6:47 GMT today EUR/CAD was adding 0.02% for the day to trade at 1.4539. The pair touched a daily high at 1.4550 at 4:40 GMT.

Fundamental view

Annualized number of housing starts in Canada probably declined to 190 000 in June from 198 324 in the previous month. Housing starts are considered as a key indicator, reflecting nation’s housing sector’ resilience. In case the number of housing starts rose more than expected, this would provide support to the loonie. Canada’s Mortgage and Housing Corporation will release the official data at 12:15 GMT.

Technical view

Screenshot from 2014-07-09 09:52:42

According to Binary Tribune’s daily analysis, in case EUR/CAD manages to breach the first resistance level at 1.4552, it will probably continue up to test 1.4572. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4596.

If EUR/CAD manages to breach the first key support at 1.4508, it will probably continue to slide and test 1.4484. With this second key support broken, the movement to the downside will probably continue to 1.4464.

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