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Forex: EUR/CAD creeping higher

FXstreet.com (London) - The pair has been steadily climbing up to 1.3200 resistance from the subsequent over night lows, which were established again on the back of last weeks busy activity in the Euro, where the pair was traded in a range between1.3337 and 1.3179.

As time of writing, the pair has been as high as 1.3201 and records a low of 1.3153.

EUR/CAD has been supported higher with German data that has dampened, to some extent, speculation for the ECB to ease monetary policy further after Draghi’s dovish comments and further ‘open mindness’ about negative deposit rates for the single currency zone.

Fundamentally, Markets are also eager to see what a new leadership may bring to the BoC policy. The word on the street certainly appears that Mr Stephen Poloz risks being a little more dovish as a replacement for Boc Goveneor Carney, with a bias to support exporters, he may enter accompanying other central banks in their current easing mode.

Technically, indicators are slightly bullish on this pair, with EMA10 and 20 at 1.3181/81, and CCI attracting Bids. Resistance breached and closed above1.3200 may confirm an extension of a rising channel.

On the downside, closes below 1.3150 opens up further downside potential in a continuation of the daily charts trending channel headed for supported zone 1.3000.

Forex: EUR/USD climbing towards highs as NY session opens

The 60-pip rally on the growing factory orders in Germany instead of the expected -0.5% drop extended to 1.3132 high. After that, the market began a consolidation period that pulled the EUR/USD to 1.3105. Now as the NY session is due to open, the pair is slowly climbing the chart again, at 1.3120 (+0.35%) as of writing.
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