Forex Market: EUR/CAD daily forecast

During yesterday’s trading session EUR/CAD traded within the range of 1.4833-1.4953 and closed at 1.4921.

At 6:05 GMT today EUR/CAD was losing 0.03% for the day to trade at 1.4917. The pair touched a daily low at 1.4904 at 5:30 GMT.

Fundamental view

At 9:00 GMT today Eurostat is expected to report on Euro zone’s trade balance during March. The trade surplus is expected to have widened to 16.0 billion euros from 13.6 billion in February. The trade balance reflects the difference in value between exported and imported goods during the respective period. A positive figure indicates that more goods and services have been exported than imported. Export demand has a direct link to demand for the common currency and also causes an impact on levels of production. In case the surplus on Euro zone’s trade balance  widened more than expected, this would provide support to the euro.

In addition, the seasonally adjusted trade balance, which is considered as a more reliable indicator, (as it excludes trend, economic fluctuations, seasonal fluctuations, calendar effects, residual or irregular fluctuations) probably expanded to a surplus of 17.3 billion euros in March, from 15 billion in the preceding month.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/CAD manages to breach the first resistance level at 1.4972, it will probably continue up to test 1.5022. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5092.

If EUR/CAD manages to breach the first key support at 1.4852, it will probably continue to slide and test 1.4782. With this second key support broken, the movement to the downside will probably continue to 1.4732.