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EUR/CAD has been impulsive with the bearish gains recently which led the price towards the 1.59 price area. The price is currently residing at the edge of 1.59 ahead of the upcoming high impact CAD economic reports to be published today. CAD CPI report is going to be published today which is expected to decrease to 0.4% from the previous value of 0.7%, Core Retail Sales is expected to increase to 0.9% from the previous negative value of -1.8%, Common CPI was previously at 1.8% where an increase will lead to further gains on CAD, Retail Sales is expected to increase to 1.1% from the previous negative value of -0.8%, and Trimmed CPI is also expected to increase from the previous value of 1.8%. On the other hand, today there is no influencing economic report on the EUR side, but recently EUR has had a range of worse economic reports which affected the growth of the currency badly against almost all the currencies in the market. As of the current scenario, after the CAD economic reports are published today where the forecasts are mixed, further definite trend momentum can be observed. To sum up, the market is currently indecisive whereas EUR have a bit higher probability as of the mixed forecast of CAD today which may lead to gain for a certain period in the coming days.
Now let us look at the technical view. The trend of this pair has been quite non-volatile with the bullish gains which led the price to the edge of 1.59 area. The price has support of dynamic level of 20 EMA which may lead to further bullish pressure with target towards 1.6150 in the coming days. As the price remains above 1.59 with a daily close, further bullish pressure is expected to continue in this pair.
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