EUR/CAD drops to 1.4380 on data

EUR/CAD has quickly dropped to fresh lows in the 1.4380 area following Canadian data today, although it managed to recover the 1.4400 barrier soon afterwards.

EUR/CAD clings to gains above 1.4400

The cross is clinging to its daily gains above the 1.4400 mark after Canadian Retail Sales have surprised markets to the upside in April, expanding at a monthly pace of 1.3% vs. 0.6% initially forecasted.

In the meantime, the cross remains in the area of multi-day lows in the 1.4400 neighbourhood, posting meagre gains after two consecutive pullbacks and ahead of Yellen’s testimony and the EIA’s report on crude inventories.

EUR/CAD levels to watch

As of writing the cross is up 0.07% at 1.4418 with the next resistance at 1.4512 (20-day sma) followed by 1.4529 (55-day sma) and finally 1.4642 (high Jun.16). On the flip side, a breach of 1.4385 (low Jun.22) would aim for 1.4313 (low Jun.10) and then 1.4174 (2016 low Apr.28).