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June 06, 2023Slightly weaker but mostly flat: EUR/CAD is currently trading at 1.4382 as it maintains an active range between 1.4338 and 1.4425.
Amid the market gloom, Euro Zone Composite PMI came out at 52.8, while a consensus of analysts was expecting 53.3. Germany Services PMI released yesterday at 07:55 UTC with a figure of 57.2, while the previous figure was 56. Germany Trade Balance (Apr) released yesterday at 06:00 UTC with a figure of 18.4 billion, while the previous figure was 14.9 billion.
In the meantime, negative performances are seen in other pairs, EUR/AUD is down 85 pips from the beginning of the session and now trades around 1.61. USD/CAD closed at 1.3414 (down 0.19%).
Though EUR/CAD has been dropping, other pairs have been performing better: AUD/USD rises 0.59% to trade around 0.666.
Furthermore, Canada Ivey PMI (May) is scheduled for today at 14:00 UTC. Canada Interest Rate is expected tomorrow at 14:00 UTC. Canada Labor Productivity (QoQ) (Q1) is expected tomorrow at 12:30 UTC.
The currency pair has been trending lower for about a month. As things stand, EUR/CAD is 4.58% away from a significant high of 1.5086, first set a month ago.
