| 
April 05, 2023Struggling to find upward momentum, EUR/CAD has shed 33 pips to currently trade at 1.4694 as it ranges between 1.4689 and 1.4767 so far today.
While price action maintains a negative bias, Canada Trade Balance (Feb) released today at 12:30 UTC with a figure of 420 million, while the previous figure was 1.2 billion. Euro Zone Composite PMI came out at 53.7, while a consensus of analysts was expecting 54.1. Spain Services PMI came out at 59.4.
In the meantime, negative performances are also seen in other pairs as EUR/JPY is down to 142.71, losing 150 pips, after closing at 144.21 in the preceding trading session. GBP/JPY falls 1.03% to trade around 162.83. USD/JPY is down to 130.88, losing 80 pips, after closing at 131.69 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 12,000, following on from the preceding figure of 21,800. New data is set to be published tomorrow at 12:30 UTC.
Furthermore, Canada Ivey PMI (Mar) will be released tomorrow at 14:00 UTC. Projections for Germany Industrial Production are set for a continuation of decline with 0.1% while previous data was 3.5%; data will be released tomorrow at 06:00 UTC.
The currency pair has been trending positively for about a month. After setting a supportive marker at 1.2895 around 7 months ago, EUR/CAD is now trading 14.21% above this level.
