Forex Market: EUR/CAD daily forecast

During Friday’s trading session EUR/CAD traded within the range of 1.4480-1.4557 and closed at 1.4522.

At 6:27 GMT today EUR/CAD was gaining 0.07% for the day to trade at 1.4532. The pair touched a daily high at 1.4542 at 4:30 GMT.

Fundamental view

Euro zone

At 8:00 GMT Italy’s National Institute of Statistics is expected to release a report on industrial new orders in May. The annualized new orders rose 6.2% in April, while in monthly terms the indicator registered a 3.8% increase. It measures the change in value of new orders, received by industrial sector companies, for delivering a variety of products. Only enterprises with over 20 employees are included in the survey. New orders are closely related with future industrial activity. In case the indicator rose in value more than expected, this would provide support to demand for the euro.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.4520. In case EUR/CAD manages to breach the first resistance level at 1.4559, it will probably continue up to test 1.4597. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4636.

If EUR/CAD manages to breach the first key support at 1.4482, it will probably continue to slide and test 1.4443. With this second key support broken, the movement to the downside will probably continue to 1.4405.