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9 Aug 2013
EUR/CAD surges off lows following weak Canadian data
FXstreet.com (New York) - The EUR/CAD technical cross spiked off its lows (1.3758), following a release of downtrodden data in Canada Friday.
In Canada, the Net Change in Employment (July) was reported at -39.4K, missing expectations of 10.0K. Moreover, the Unemployment Rate (July) rose to 7.2%, vs. estimates of only 7.1%. Housing Starts s.a. (YoY) yielded 192.9K in July, compared with a projection of 193.5K. Finally, the participation rate (July) fell to 66.5%, missing a consensus of 66.7%.
EUR/CAD technical bias
The EUR/CAD is has now surged to the 1.3824 level in these moments, having now moved into positive territory, albeit at a marginal +0.01% gain during US trading. Technically speaking, the EUR/CAD remains fortified by supports at 1.3772, ahead of 1.3723, and 1.3649, notes the Mataf.net analyst team.
In Canada, the Net Change in Employment (July) was reported at -39.4K, missing expectations of 10.0K. Moreover, the Unemployment Rate (July) rose to 7.2%, vs. estimates of only 7.1%. Housing Starts s.a. (YoY) yielded 192.9K in July, compared with a projection of 193.5K. Finally, the participation rate (July) fell to 66.5%, missing a consensus of 66.7%.
EUR/CAD technical bias
The EUR/CAD is has now surged to the 1.3824 level in these moments, having now moved into positive territory, albeit at a marginal +0.01% gain during US trading. Technically speaking, the EUR/CAD remains fortified by supports at 1.3772, ahead of 1.3723, and 1.3649, notes the Mataf.net analyst team.