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02.03.202115:52 Forex Analysis & Reviews: EUR/USD analysis for March 02 2021 - Potential for another downside movement towards 1.1960

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Canada Q4 GDP % q/q annualized +9.6% vs +7.3% expected

Q3 final number was +40.3% q/q annualized

December GDP +0.1% m/m vs +0.1% expected
December GDP -3.0% y/y vs -3.0% expected
November GDP was -2.8% y/y
November GDP +0.8% m/m
January GDP flash estimate +0.5%
18 of 20 sectors grew in Q4

The annualized number is much stronger but the December data is in line. Total activity is 3% below pre-pandemic levels.

Retail trade was down 3.3% in December as governments put on lockdowns right after Christmas but even non-store retail (online) was down 1.1% in the month due to the secular move towards earlier Christmas shopping.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the downside trend is active and that preferable strategy under this condition is to sell on the rallies.

Key Levels:

Resistance: 1,2040

Support levels: 1,1990 and 1,1950.

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