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Forex: EUR/CAD plunges below 1.3400 on German Markit PMI

FXstreet.com (Barcelona) - The EUR/CAD rally was stonewalled at the 1.3438 handle (session high) recently during European trading Tuesday. However, following the publication of lackluster German PMI data, the cross plunged below the 1.3400 level, settling at 1.3374/77 in these moments, en route to a -0.19% fall thus far.

Briefing the technical levels, the Mataf.net analyst team identifies the next short-term supports for the EUR/CAD at 1.3367, ahead 1.3342, and ultimately 1.3320. Conversely, a paring of gains will result in a testing of resistances at 1.3414, onto 1.3436, and finally 1.3461.

In Germany, Markit Manufacturing PMI (April) yielded a figure of only 47.9, missing expectations of 49.0. Moreover, Markit Services PMI (April) came in at 49.2, relative to expectations of 51.0.

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Preliminary German PMI Manufacturing decreased to 47.9 points in April, from 49 points in March, according to data released today by Markit. This result is below market consensus of remaining at 49 points.
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