Friday’s trade saw EUR/CAD within the range of 1.3382-1.3523. The daily low has also been the lowest level since May 31st 2013, when a low of 1.3375 was recorded. The pair closed at 1.3416, losing 0.56% on a daily basis.
At 8:42 GMT today EUR/CAD was up 0.32% for the day to trade at 1.3458. The pair touched a daily high at 1.3479 at 6:05 GMT.
Fundamentals
Euro area
ECB Mario Draghi Speech
At 18:45 GMT the European Central Bank President Mario Draghi is expected to take a statement. Moderate-to-high volatility of the euro crosses is usually present during his speeches.
Canada
Foreign portfolio investment in securities
Foreign portfolio investment in Canadian securities probably decreased by the amount of CAD 2.00 billion in January, according to the median forecast by experts, following another drop by CAD 13.55 billion in December. The latter has been the largest outflow of portfolio investments since June 2013, when it was reported to have amounted to CAD 15.43 billion. This indicator reflects the flow of incoming investments in the local stock, bond and money markets. An increasing flow of foreign investments is usually related with a positive economic outlook for the country being invested in. This usually increases demand for its currency and vice versa. Therefore, in case the outflow of portfolio investments was smaller than anticipated, this would have a certain bullish effect on the Canadian dollar. The official report by the Statistics Canada is due out at 12:30 GMT.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.3440. In case EUR/CAD manages to breach the first resistance level at 1.3499, it will probably continue up to test 1.3581. In case the second key resistance is broken, the pair will probably attempt to advance to 1.3640.
If EUR/CAD manages to breach the first key support at 1.3358, it will probably continue to slide and test 1.3299. With this second key support broken, the movement to the downside will probably continue to 1.3217.
The mid-Pivot levels for Monday are as follows: M1 – 1.3258, M2 – 1.3329, M3 – 1.3399, M4 – 1.3470, M5 – 1.3540, M6 – 1.3611.
In weekly terms, the central pivot point is at 1.3513. The three key resistance levels are as follows: R1 – 1.3643, R2 – 1.3871, R3 – 1.4001. The three key support levels are: S1 – 1.3285, S2 – 1.3155, S3 – 1.2927.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
