Forex Market: EUR/CAD daily trading forecast

Friday’s trade saw EUR/CAD within the range of 1.4164-1.4321. The pair closed at 1.4174, losing 0.61% on a daily basis and extending losses from Thursday.

At 8:22 GMT today EUR/CAD was up 0.12% for the day to trade at 1.4200. The pair touched a daily high at 1.4206 at 8:15 GMT.

Fundamentals

Euro area

Eurogroup Meeting

Finance Ministers of Euro area Member States are to hold another meeting in Brussels today, with its focus being the Greek debt situation. Higher market volatility may be seen after the official decision is announced.

“We’re looking at difficult negotiations on Monday,” Greek Prime Minister, Alexis Tsipras, said in a weekend interview with German Stern magazine. “Nevertheless, I’m full of confidence.”

Greek Finance Minister Yanis Varoufakis said that his country and technical delegations from the European Commission, the European Central Bank and the International Monetary Fund have already reached an agreement on many issues, the Kathimerini newspaper reported on Saturday. However, there was still uncertainty whether a final agreement will be struck today.

German Buba Monthly Report

At 11:00 GMT Deutsche Bundesbank is to release its Buba Monthly Report, which contains relevant articles, speeches, statistical tables, and provides detailed analysis on current and future economic conditions from the banks point of view.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.4220. In case EUR/CAD manages to breach the first resistance level at 1.4275, it will probably continue up to test 1.4377. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4432.

If EUR/CAD manages to breach the first key support at 1.4118, it will probably continue to slide and test 1.4063. With this second key support broken, the movement to the downside will probably continue to 1.3961.

The mid-Pivot levels for today are as follows: M1 – 1.4012, M2 – 1.4091, M3 – 1.4169, M4 – 1.4248, M5 – 1.4326, M6 – 1.4405.

In weekly terms, the central pivot point is at 1.4195. The three key resistance levels are as follows: R1 – 1.4324, R2 – 1.4473, R3 – 1.4602. The three key support levels are: S1 – 1.4046, S2 – 1.3917, S3 – 1.3768.