Potential EUR/CAD Reversal Trend
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Fundametnal Analysis:
The Euro Area benefits from moderate GDP growth (0.3%), controlled inflation (2.5%), and a significant trade surplus (EUR 13,888 million), with stable labor market conditions (6.4% unemployment). However, it faces challenges with a contracting manufacturing sector (PMI at 45.8) and negative consumer confidence (-14 points). Canada, on the other hand, shows slightly higher GDP growth (0.4%) and inflation (2.7%), with a higher interest rate (4.75%) attracting foreign investment. Despite a trade deficit (-1927 CAD million), Canada has a slightly better manufacturing PMI (49.3) and higher consumer confidence (48 points). Overall, the Euro's strong trade surplus and stable economy contrast with the Canadian Dollar's higher interest rates and better consumer sentiment, making the outlook for
EURCAD mixed.
Technical Analysis:
TheEURCAD pair is currently trading around 1.49416, approaching a strong resistance zone near 1.50133, which has been tested multiple times and held, indicating significant selling pressure. The price is in an uptrend, supported by a clear upward trend line connecting higher lows since mid-2023. If the resistance at 1.50133 holds, a pullback is likely, with potential support levels at 1.48467 (TP1), 1.47622 (TP2), and 1.46697 (TP3). Conversely, if the price breaks above 1.50133, it could signal a continuation of the bullish trend, potentially reaching new highs. Traders should monitor price action around these key levels to determine their trading strategy.
Trading Tip for Wednesday: CAD Overnight Rate Announcement
Overview:
Current Rate: 4.75%
Expected Rate: 4.50%
Analysis:
Recent CPI data indicates a decrease, suggesting that inflation is dropping in Canada. This development points to potential monetary policy easing, with the overnight rate possibly being reduced to 4.50%. Despite this, there could be a last push up for CAD pairs. The CAD might strengthen against other currencies due to sentimental movements, such as rising oil prices, which are positively correlated with the Canadian Dollar.
Overral view
https://www.tradingview.com/x/1xhIhHAN/
The Euro Area benefits from moderate GDP growth (0.3%), controlled inflation (2.5%), and a significant trade surplus (EUR 13,888 million), with stable labor market conditions (6.4% unemployment). However, it faces challenges with a contracting manufacturing sector (PMI at 45.8) and negative consumer confidence (-14 points). Canada, on the other hand, shows slightly higher GDP growth (0.4%) and inflation (2.7%), with a higher interest rate (4.75%) attracting foreign investment. Despite a trade deficit (-1927 CAD million), Canada has a slightly better manufacturing PMI (49.3) and higher consumer confidence (48 points). Overall, the Euro's strong trade surplus and stable economy contrast with the Canadian Dollar's higher interest rates and better consumer sentiment, making the outlook for
EURCAD mixed.Technical Analysis:
The
EURCAD pair is currently trading around 1.49416, approaching a strong resistance zone near 1.50133, which has been tested multiple times and held, indicating significant selling pressure. The price is in an uptrend, supported by a clear upward trend line connecting higher lows since mid-2023. If the resistance at 1.50133 holds, a pullback is likely, with potential support levels at 1.48467 (TP1), 1.47622 (TP2), and 1.46697 (TP3). Conversely, if the price breaks above 1.50133, it could signal a continuation of the bullish trend, potentially reaching new highs. Traders should monitor price action around these key levels to determine their trading strategy.Trading Tip for Wednesday: CAD Overnight Rate Announcement
Overview:
Current Rate: 4.75%
Expected Rate: 4.50%
Analysis:
Recent CPI data indicates a decrease, suggesting that inflation is dropping in Canada. This development points to potential monetary policy easing, with the overnight rate possibly being reduced to 4.50%. Despite this, there could be a last push up for CAD pairs. The CAD might strengthen against other currencies due to sentimental movements, such as rising oil prices, which are positively correlated with the Canadian Dollar.
Overral view
https://www.tradingview.com/x/1xhIhHAN/
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