Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/CAD recovers after initial dip as mixed Canadian retail sales data offsets oil price surge

• EUR/CAD initially dipped but recovered some ground on Thursday as mixed Canadian  retail sales data offset a jump in oil prices.

• Canadian retail sales rose 1% in August after a 0.7% drop in July, led by spending on cars, groceries, and clothing. September is estimated to have declined 0.7%.

• The price of oil, a key Canadian export, jumped 5.8% to $61.87 a barrel following U.S. sanctions on major Russian suppliers.

• The Bank of Canada is set to announce its interest rate decision on October 29, with money markets pricing in an 87% probability of a 25-basis-point cut.
 
•  Immediate resistance is located at 1.6270 (Oct 22nd high), any close above will push the pair towards 1.6314(38.2%fib).

•  Support is seen at 1.6198(50%fib) and break below could take the pair towards 1.6175(Lower BB).

Recommendation: Good to sell around 1.6250 , with stop loss of 1.6350 and target price of 1.6160

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.