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Forex: EUR/CAD testing resistance at 1.3186/90

FXstreet.com (Barcelona) - The EUR/CAD has operated almost exclusively in an uptrend Wednesday and outside of a brief easing off of its session highs past the 1.3200 level (1.3210), the cross is firmly entrenched in positive territory at 1.3186/90 in these moments, ahead of US trading and on the heels of Canadian economic data.

The Mataf.net technical analyst team highlights that the EUR/CAD will encounter its next short-term resistances at 1.3186, followed by 1.3228, and 1.3256. Conversely, the pair is slated to face support at 1.3116, then 1.3088, and ultimately 1.3046.

In Canada, Housing Starts s.a. (YoY) were reported at 174.9K in April, against consensus expectations of 175K, and compared with a figure of 184K in the previous month.

Canada: Housing Starts fell to 174.9K YoY in April

Canadian Housing Starts dropped to a seasonally adjusted 174.9K over the last twelve months in April, a tad lower than expectations at 175K and previous print at 181.0K (revised).
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Session Recap: Euro buoyed by positive data

The euro rose versus the dollar on Wednesday buoyed by better-than-expected German data, as investors perceive another rate cut is less likely. However, EUR/USD remains well within the established range that has held since early April.
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