Forex Market: EUR/CAD daily trading outlook

Yesterday’s trade saw EUR/CAD within the range of 1.4285-1.4168. The pair closed at 1.4221, gaining 0.19% on a daily basis.

At 10:04 GMT today EUR/CAD was down 0.08% for the day to trade at 1.4216. The pair ranged between 1.4204 and 1.4237 during the day.

Fundamental view

Eurozone

The National Institute for Statistics and Economic Studies (INSEE) reported that Gross Domestic Product in France grew by an annualized 0.4% in the third quarter, while quarter-on-quarter growth came in in line with expectations of 0.3%. Consumer spending rose more than expected in November, gaining 0.4% on a monthly basis compared to a 0.8% decline a month earlier. Producer prices slid 0.1% last month.

In Italy, retail sales were flat on a monthly basis in October, the National Institute of Statistics (Istat) reported, while dropping by an annualized 0.8%.

Canada

Data by Canadas statistics agency (Statistics Canada) is expected to show that the Canadian economy probably expanded by 0.1% in October on a monthly basis, compared to 0.4% during the previous month, which reversed a 0.1% contraction in August.

Pivot levels

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.4225. In case EUR/CAD manages to breach the first resistance level at 1.4281, it will probably continue up to test 1.4342. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4398.

If EUR/CAD manages to breach the first key support at 1.4164, it will probably continue to slide and test 1.4108. With this second key support broken, the movement to the downside will probably continue to 1.4047.

The mid-Pivot levels for today are as follows: M1 – 1.4078, M2 – 1.4136, M3 – 1.4195, M4 – 1.4253, M5 – 1.4312, M6 – 1.4370.

In weekly terms, the central pivot point is at 1.4333. The three key resistance levels are as follows: R1 – 1.4499, R2 – 1.4812, R3 – 1.4978. The three key support levels are: S1 – 1.4020, S2 – 1.3854, S3 – 1.3541.