EUR/CAD is currently struggling above the 1.4970 support level after breaking above it recently with a daily close. EUR has been quite positive with its recent economic reports than CAD which helped the currency to gain more pipis recently. Today EUR German Retail Sales report was published with a negative value at -1.2% from the previous value of 1.3% which was expected to be at -0.5%, French Prelim CPI report was published as expected at 0.5% from the previous value of -0.3%, German Unemployment Change report was published at -5k from the previous figure of -9k which was expected to be at -6k, CPI Flash Estimate report was published with an increase to 1.5% from the previous value of 1.3% which was expected to be at 1.4%, Core CPI Flash Estimate report was published with an unchanged value at 1.2% as expected and EUR Unemployment Rate report was published with unchanged value as expected at 9.1%. On the other hand, today CAD GDP report is going to be published which is expected to decrease to 0.1% from the previous value of 0.6%. As GDP is an important measure of the economy so a decrease in GDP will lead to further weakness in CAD or else CAD will get much stronger if the report publishes with a better report.
Now let us look at the technical view, the price is currently at the edge of the support level 1.4970 whereas there had been a good amount of bullish rejection occurred recently. As the price remains above the 1.4970 support level the bullish bias is expected to continue with a target towards 1.5220 resistance level. On the other hand, if the price breaks below 1.4970 with a daily close then we will be looking forward to selling with a target towards 1.4300 support area.
