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April 28, 2023After closing at 1.4982 yesterday, EUR/CAD opened today at 1.4983, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, EUR/CAD retains a distinct 1.4907 to 1.5031 daily range.
Canada's GDP new data released of 0.1% below its previous figure.
GDP in Canada fell short of market expectations (0.2%) with a reading of 0.1%, continuing the decline from the previous figure of 0.6%.
On the flip side, Germany Unemployment Change published today at 07:55 UTC came out at 24,000, falling short of the 10,000 projections and continuing its decline from the previous 16,000 figure.
Amid the market gloom, Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 169,400, while the previous figure was 164,400.
Positive performances can be seen by looking at other currencies as GBP/JPY added 2.46% to its value, now trading at 171.26. USD/JPY gained 1.8% and is currently trading at 136.31. EUR/JPY is up 1.73% to 150.14.
Furthermore, tomorrow at 09:00 UTC data for Euro Zone GDP will be released, with an expected decline to -0.1 from the preceding figure of 0.3. Euro Zone GDP figure is projected at 1.8%. It previously stood at 1.8%; data will be released tomorrow at 09:00 UTC.
The currency pair has been trending positively for about 2 months. Having set a peak of 1.5046 around 2 days ago, EUR/CAD is now trading 0.43% below this level.
