Friday’s trade saw EUR/CAD within the range of 1.3617-1.3782. The daily low has also been the lowest level since July 30th 2013, when a low of 1.3595 was recorded. The pair closed at 1.3688, losing 0.62% on a daily basis.
At 7:44 GMT today EUR/CAD was up 0.22% for the day to trade at 1.3690. The pair touched a daily high at 1.3692 at 1:20 GMT.
Fundamentals
Euro area
Sentix Investor Confidence
Confidence among investors in the Euro zone probably continued to improve during the current month, with the corresponding index coming in at a reading of 15.0. If so, this would be the highest index value since May 2014, when a level of 12.8 was reported. In February the gauge came in at 12.4. The index is based on results from the SENTIX survey, one of the most prominent surveys, reflecting investors’ opinion in Germany. It encompasses 2 800 respondents, with 510 of them being institutional investors. Respondents present their expectations regarding ten different markets for a period of one and six months. Readings above zero indicate that respondents were predominantly optimistic, while readings below zero show pessimism. Higher-than-expected readings would have a limited bullish effect on the common currency. The official index value is due out at 9:30 GMT.
Canada
Housing Starts
Housing starts in Canada probably fell to the seasonally adjusted annual level of 179 000 in February, according to expectations. If so, this would be the lowest number of housing starts since March 2014, when a level of 156 600 was reported. In January the number of housing starts was at 187 300. Housing starts are considered as a key indicator, reflecting the strength of the nation’s housing sector. In case the number of housing starts dropped more than expected, this might have a bearish effect on the loonie. Canada’s Mortgage and Housing Corporation will release the official numbers at 13:15 GMT.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.3696. In case EUR/CAD manages to breach the first resistance level at 1.3774, it will probably continue up to test 1.3861. In case the second key resistance is broken, the pair will probably attempt to advance to 1.3939.
If EUR/CAD manages to breach the first key support at 1.3609, it will probably continue to slide and test 1.3531. With this second key support broken, the movement to the downside will probably continue to 1.3444.
The mid-Pivot levels for today are as follows: M1 – 1.3488, M2 – 1.3570, M3 – 1.3653, M4 – 1.3735, M5 – 1.3818, M6 – 1.3900.
In weekly terms, the central pivot point is at 1.3800. The three key resistance levels are as follows: R1 – 1.3982, R2 – 1.4277, R3 – 1.4459. The three key support levels are: S1 – 1.3505, S2 – 1.3323, S3 – 1.3028.
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