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June 08, 2023EUR/CAD dropped to 1.429, hitting its lowest point in 3 months. It later recovered 20 pips and is now trading at 1.431.
At the same time, Canada Interest Rate released yesterday at 14:00 UTC with a figure of 4.75, while the previous figure was 4.5. Canada Labor Productivity (QoQ) (Q1) came out at -0.6, while a consensus of analysts was expecting 0.2. Canada Trade Balance (Apr) came out at 1.94 billion.
A look at other currencies also shows bullish price action as having closed the previous session at 1.244, GBP/USD is up 0.13% today to currently trade at around 1.2456. EUR/USD is up 0.12%.
Meanwhile, USD/JPY closed at 139.79 (down 0.19%).
Also worthy of note, Canada Employment Change projected to decline to 23,200 while previous data was 41,400; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at Euro Zone GDP projected to come out at zero — worse than previous data of 0.1; data will be released today at 09:00 UTC. As things stand, upcoming Euro Zone GDP data is projected to fall short of market expectations with newly published data of 1.2%, following on from the preceding figure of 1.8%. New data is set to be published today at 09:00 UTC. Canada Unemployment Rate expected to decline to 5.1 while its preceding data was five, data will be available tomorrow at 12:30 UTC.
The currency pair has been trending lower for about a month. Having set a peak of 1.5086 around a month ago, EUR/CAD is now trading 5.19% below this level.
