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March 01, 2023
EUR/CAD posts light gains on a low-volatility day, ranging between 1.437 – 1.4483 and is now at 1.4431.
Germany Unemployment Change data will be released today at 08:55 UTC, with an expected decline to 9,000.
Nevertheless, GDP in Canada fell short of market expectations (0.1%) with a reading of -0.1%, continuing the decline from the previous figure of 0.1%.
At the same time, Canada GDP released yesterday at 13:30 UTC with a figure of 2.07%, while the previous figure was 3.77%. Canada GDP Annualized (QoQ) (Q4) came out at zero, while a consensus of analysts was expecting 1.5.
A look at other currencies also shows bullish price action as EUR/JPY climbs 0.26% to trade around 144.44. Having closed the previous session at 0.6187, NZD/USD is up 0.31% today to currently trade at around 0.6206.
While EUR/CAD is up today, these currencies are lagging behind: GBP/NZD is down to 1.94, losing 42 pips, after closing at 1.9443 in the preceding trading session.
Positive indicators for EUR/CAD are expected going forward as today at 08:55 UTC data for Germany Unemployment Change will be released, with an expected decline to 9,000 from the preceding figure of -15,000.
Elsewhere, Germany Consumer Price Index figure is projected at 8.5%. It previously stood at 8.7%; data will be released today at 12:00 UTC. Euro Zone ECB Monetary Policy Statement scheduled to come out tomorrow at 12:30 UTC.
As things stand, EUR/CAD is 11.89% away from a significant low of 1.2895 first set 6 months ago.
