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  • Technical Overview of USD/CAD and EUR/USD Currency Pair

    USD CAD

    USD traded lower against CAD and closed at 1.3048.

    USD/CAD is trimming gains on reports calling a victory for Canada's PM Trudeau. The pair may come under pressure if Trudeau forms a minority government with NDP's support.

    Canada Retail Sales m/m show changes in the value of goods sold in retail stores in the specified month compared to the previous month. The indicator is calculated based on statistics from several thousand retail stores, and the data is then extrapolated to the whole country.

    The indicator evaluates the consumer activity and inflation. The indicator growth can have a positive effect on CAD quotes.

    Canada Core Retail Sales m/m reflects the change in retail sales in the reported month compared to the previous one. The indicator is calculated based on statistics from retail stores of different types and sizes. The index calculation does not include sales of autos and spare parts.
    Retails Sales are an indicator of consumer activity in Canada, and an important component of national GDP. The indicator growth can have a positive effect on CAD quotes.

    According to the Analysis, pair is expected to find support at 1.3077 and a fall through could take it to the next support level of 1.3063. The pair is expected to find its first resistance at 1.3123 and a rise through could take it to the next resistance level of 1.3137.

    EUR USD

    EUR traded higher against USD and closed at 1.1148.
    • Positive risk extends in Asia, E-mini S&P +0.1% and AsiaxJP stocks +0.3%
    • Flat in a low key 1.1147/1.1156 range - fundamentals unchanged look to techs
    • Charts - daily momentum studies, 5, 10 & 21 MAs head higher - bullish setup
    • Sustained cloud break, 1st since July - 1.1104 horizontal cloud top supports
    According to the Analysis, pair is expected to find support at 1.1142 and a fall through could take it to the next support level of 1.1132. The pair is expected to find its first resistance at 1.1172, and a rise through could take it to the next resistance level of 1.1182.

    Important Economic Events of the Day
    • CAD: Retail Sales m/m
    • CAD: Core Retail Sales m/m
    • USD: Existing Home Sales
    For More information about the release time of news and its impact visit Economic Calendar Page!

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