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April 27, 2023After hitting its highest point in 2 years and a half at 1.5113, EUR/CAD dropped by 127 pips and is now trading at 1.4985.
GDP data from Germany will be released tomorrow at 06:00 UTC with analysts expecting a decline to 0.3. Potentially significant price fluctuations in EUR/CAD are expected to follow.
While price action maintains a negative bias, Italy 10-Year BTP Auction released today at 09:10 UTC with a figure of 3.77, while the previous figure was 4.12. Canada Manufacturing Sales (MoM) came out at 0.7. New Jobseekers Total data from France matched market expectations with a reading of 2.79 million — a positive step in contrast to previous data of 2.8 million from last month.
In the meantime, negative performances are also seen in other pairs as EUR/NZD closed at 1.7931 (down 0.61%). EUR/AUD is trading around 1.6633 (down 78 pips).
Positive performances can be seen by looking at other currencies as USD/CHF ascends 0.32% to trade around 0.8936.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for Canada GDP will be released, with an expected decline to 0.2% from the preceding figure of 0.5%. Germany Unemployment Change is projected to outperform its last figure with 10,000. It previously stood at 16,000; data will be released tomorrow at 07:55 UTC.
Moreover, tomorrow at 06:00 UTC data for Germany GDP will be released, with an expected decline to 0.3 from the preceding figure of 0.9.
Furthermore, Germany GDP is projected to outperform its last figure with 0.8%. It previously stood at 0.3%; data will be released tomorrow at 08:00 UTC.
The currency pair has been trending positively for about 2 months. Having set a significant low of 1.2895 8 months ago, EUR/CAD is trading 16.7% higher.
