7 Aug 2013
EUR/CAD soars to fresh highs, testing 1.3900
FXstreet.com (New York) - The EUR/CAD technical cross has sailed higher Wednesday morning during US trading, as the CAD weakens across the board following downtrodden economic data in Canada.
In Canada, Building Permits (MoM) fell -10.3% in June, missing expectations of -3.2%. Later today at 14:00 GMT, Canada is slated to reveal the Ivey Purchasing Managers Index (July). Still ahead on Friday however, is the Canadian Unemployment Change, which will likely be a market mover for CAD crosses.
EUR/CAD technical bias
The EUR/CAD recently peaked at 1.3895 (session high), and is now operating at 1.3892 in these moments, en route to a climb of +0.62% above its opening. Following an earlier jump above resistance at 1.3845, the EUR/CAD will encounter additional levels of resistance at 1.3899, onto 1.3945.
In Canada, Building Permits (MoM) fell -10.3% in June, missing expectations of -3.2%. Later today at 14:00 GMT, Canada is slated to reveal the Ivey Purchasing Managers Index (July). Still ahead on Friday however, is the Canadian Unemployment Change, which will likely be a market mover for CAD crosses.
EUR/CAD technical bias
The EUR/CAD recently peaked at 1.3895 (session high), and is now operating at 1.3892 in these moments, en route to a climb of +0.62% above its opening. Following an earlier jump above resistance at 1.3845, the EUR/CAD will encounter additional levels of resistance at 1.3899, onto 1.3945.