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EUR/CAD trading at 1.3325/27 after retail sales in Canada

FXstreet.com (Barcelona) - The EUR/CAD has continued to oscillate below its intraday highs (1.3348) Wednesday.

The pair managed to hold onto the majority of its gains on the heels of economic data in Canada and at the time of writing is trading at 1.3325/27, up +0.57% above its opening. Retail Sales (MoM) grew by 0.0%, missing expectations of +0.1% in March. In addition, Retail Sales ex Autos (MoM) reported a figure of -0.2% in March, vs. a projection calling for +0.2%.

Following a break above the 1.3310 resistance, the Mataf.net analyst team calculates the next short-term measures of correction at 1.3346, onto 1.3403. Alternatively, a retracement that culminates in the paring of recent gains will eventually touch supportive means at 1.3217, then 1.3160, and ultimately 1.3124.

According to the Westpac Strategy Team, “The EUR/CAD seems poised for some downside later in the week. The ECB’s Nowotny, Liikanen, Coeure, Noyer, Weidmann and Draghi are all scheduled to speak this Thursday and there should be no shortage of “negative deposit rate” trial balloons.”

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