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May 04, 2023After hitting its highest point in 2 years at 1.51, EUR/CAD dropped by 197 pips and is now trading at 1.4902.
EUR/CAD is currently trading at 1.4902 following the release of ECB President Lagarde speech data from the Euro Zone.
Amid the market gloom, Canada Ivey PMI (Apr) came out at 56.8, while a consensus of analysts was expecting 59. Euro Zone Interest Rate released today at 12:15 UTC with a figure of 3.75, while the previous figure was 3.5. Euro Zone Deposit Facility Rate (May) released today at 12:15 UTC with a figure of 3.25, while the previous figure was three.
In the meantime, negative performances are seen in other pairs, EUR/NZD is trading around 1.7519 (down 242 pips). GBP/NZD closed at 2.0005 (down 0.81%). EUR/AUD is down to 1.644, losing 140 pips, after closing at 1.6581 in the preceding trading session.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming Canada Employment Change data is projected to fall short of market expectations with newly published data of 20,000, following on from the preceding figure of 34,700. New data is set to be published tomorrow at 12:30 UTC.
Furthermore, projections for Germany Factory Orders are set for a continuation of decline with -2.2% while previous data was 4.8%; data will be released tomorrow at 06:00 UTC. Euro Zone Retail Sales is projected to outperform its last figure with -0.1%, having previously been at -0.8%. The figure will be published tomorrow at 09:00 UTC. Tomorrow at 12:30 UTC data for Canada Unemployment Rate will be released, with an expected decline to 5.1 from the preceding figure of five.
As things stand, EUR/CAD is 0.22% away from a significant high of 1.5086, first set a day ago.
