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Forex: EUR/CAD stumbles to session lows on upbeat Canadian CPI

FXstreet.com (Barcelona) - The EUR/CAD has been waning since it’s opening near the 1.3080 region. Having fallen lower continuously during European trading, the pair has now plunged to session lows in these moments near 1.2979/82. Coupled with weak European data, the recent release of upbeat Canadian CPI figures have prevented any rally or recovery from occurring today for the pair.

After falling through calculated support at 1.3040 and 1.3007, Mataf.net analysts point to corrective measures at 1.2954. On the ascension, resistances lie ahead at 1.3126 onto 1.3179 and finally 1.3212.

In Canada, the Consumer Price Index (YoY) climbed to +1.2% in February, against expectations of only +0.8%. In addition, BoC Consumer Price Index Core (MoM and YoY) has yielded +0.7% in February (against estimates of +0.3%) and +1.4% in the month of February (vs. +1.0% expected) respectively. Finally, the Consumer Price Index (MoM) has reported a figure of +1.2% in February, against a projected +0.7%.

Canada: Consumer Price Index beats consensus and rises 1.2% in February (MoM)

The Consumer Price Index in Canada beat consensus expectations of 0.8% and rose from 0.5% to 1.2% in February (YoY). The monthly figure rose 1.2% and beat expectations of 0.7%. The core figure increased its rising pace, from 0.1% to 0.8%.
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Forex Flash: EUR/USD break of all key supports opens doors to 1.26 – TD Securities

Investors are concerned and consider the wider implications of the Cyprus bailout as well as an unsettled Italian parliament. Rumors on a potential Italian downgrade as well as deposit levies in other Eurozone countries (Italy in particular) are not helping sentiment either. “Deposit levy rumors appear significantly overblown, but for the EUR a lot of the damage has been done as it trades below the 1.28 figure for the first time since November”, wrote TD Securities analysts Shaun Osborne and Greg Moore, seeing a clear break of the all the key support levels after the drop below 1.28. “That makes it hard to argue for a rebound, making the EUR more of a sell on rallies to the mid 1.28 zone—in the short term at least. The next key support is spotted in the mid to upper 1.26 area”, they added.
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