OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/CAD above 1.3400 ahead of Canada CPI

FXstreet.com (Barcelona) - After a first drop to 1.3368 low after the European opening, rising demand brought the cross back and above the 1.3400 handle, pricing at its highs currently, at 1.3412. Investors are looking ahead to the Canada CPI report, published at 12:30 GMT.

TD Securities analysts expect Canada CPI to have risen further in March following the sharp move higher in February: “The all-items price index is forecast to have increased by 0.3% in the month on a non-seasonally adjusted basis", wrote analyst Annette Beacher, pointing to the importance of seasonal factors, like in February. "The price series should show a far more temperate 0.1% increase after controlling for seasonality”, she continued, expecting also a 0.3% lift (+0.2% on a seasonally adjusted basis) in core prices.

German PPI fell -0.2% (consensus of 0.0%) and annualized data eased from 1.2% to 0.4% (consensus of 0.7%). EMU current account surprised positively, with a wider seasonally adjusted surplus from €13.8B to €16.3B in February, beating expectations of €15.0B, and n.s.a. data at €12.1B instead of the €1.3B consensus. Italy industrial orders fell -2.5% (MoM) and from -3.3% to -7.9% (YoY), while industrial sales contracted -4.7% (MoM).

Mataf.net analysts point to resistance at 1.3430 and 1.3490. On the downside, supports might be found at 1.3360, 1.3340 and 1.3280.

European markets rise ahead of more G20/IMF meeting and Italian Presidential election

The German DAX 30 (+0.53%), the French CAC 40 (+1.63%), the Italian FTSE MIB (+2.24%) and the British FTSE 100 (+0.71%) are edging higher on Friday, as a hard week comes to an end with a G20/IMF meeting under way, focused on monetary policy and fiscal targets. The Presidential election in Italy is also being eyed. PD’s Bersani proposed Romano Prodi as president after seeing his previous candidate, Franco Marini, being rejected by his own party.
Read more Previous

Forex Flash: AUD/USD negative outlook towards 1.0204/16 and 1.0116 – Commerzbank

The AUD/USD left “the outlook negative following its recent ‘return to point of break out’ ( i.e retested the previous channel). This together with the 200 day ma offers resistance at 1.0398/1.0431”, according to Commerzbank analysts, expecting a directly offered market while capped there. “We should see a slide to 1.0204/16, the 11th March low and 78.6% retracement en route to the 1.0116 recent low. The 1.0116/00 represents the bottom of a 9 month range and break down from here will be significant”, wrote analyst Karen Jones, targeting the 0.9840/27 zone – the 2011-2013 support line and the 200 week ma longer term.
Read more Next
Start livechat