Fundamental Analysis of EUR/CAD for November 3, 2017

EUR/CAD has been quite volatile after a false break off 1.5050-75 resistance area. EUR has been quite mixed with the economic reports recently which lead to all the correction in this pair with no definitive directional movement. Today is a very important day for CAD as several high impact economic reports are going to be published. Today CAD Employment Change report is going to be published which is expected to show an increase to 15.3k from the previous figure of 10.0k, Trade Balance report is expected to show less deficit at -3.0B from the previous figure of -3.4B and Unemployment Rate is expected to be unchanged at 6.2%. On the EUR side, today we do not have any economic event or report which could influence the movement of EUR against CAD today whereas any positive or negative outcome of CAD reports will provide the indication for the upcoming directional move in this pair. As of the current situation, CAD is expected to have an upper hand over EUR in the coming days which might lead to further bearish pressure in the pair.

Now let us look at the technical view, the price has recently shown some bullish rejection after the impulsive bearish pressure in this pair. The price is currently residing inside the range between 1.4680 to 1.5050-75 area. The price is expected to show some bearish pressure in the coming days with a target towards 1.4680 support area in the coming days. As the price remains below 1.5050-75 resistance area the bearish bias is expected to continue further.

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