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March 07, 2023After closing at 1.4537 yesterday, EUR/CAD began today at 1.4538 with significant bullish sentiment driving EUR/CAD's price action higher. So far today, price action has drawn out a distinct 1.4382 to 1.4556 range.
At the same time, Canada Ivey PMI (Feb) released yesterday at 15:00 UTC with a figure of 51.6, while the previous figure was 60.1. Data for Germany Factory Orders released today at 07:00 UTC is better than expected with 1%, but worse than previous figure of 3.4%. Euro Zone Retail Sales released earlier showed a marked improvement to 0.3% from the preceding data of -1.6%, but fell short of the 1% figure forecast by a consensus of market analysts.
Furthermore, the market is looking at Canada Interest Rate is expected tomorrow at 15:00 UTC. Euro Zone ECB President Lagarde speech is expected tomorrow at 10:00 UTC. Germany Retail Sales is projected to outperform its last figure with 2.4%, having previously been at -5.3%. The figure will be published tomorrow at 07:00 UTC.
EUR/CAD is now trading 12.74% away from its significant low of 1.2895 first tested 6 months ago.
