EUR/CAD has been quite corrective and volatile recently above 1.4730 support level. CAD has been mixed with the economic reports this week which made the market sentiment favoring CAD gains a bit confused. Recently CAD Core Retail Sales report was published with a positive value at 0.7% from the previous value of -0.1% which was expected to be at 0.0% and Retail Sales report showed decrease to 0.1% from the previous value of 0.5% which was expected to decrease to 0.2% but it showed worse result. On the other side, EUR has been quite positive with the Flash Manufacturing PMI but was negative with the Flash Services PMI report which also put the market into bitter confusion as well. Even today EUR Belgian NBB Business Climate report was published with more deficit at -2.1 from the previous figure of -1.5 which was expected to be at -1.6. The greater deficit in NBB Business Climate report did make EUR lose some grounds against CAD today which made the corrective bias more complex. To sum up, until any economic reports of EUR or CAD show any high impact positive changes the pair is expected to be corrective in nature.
Now let us look at the technical view, the price is currently residing inside the range of 1.4730 to 1.4970 area. In this scenario, if price breaks below 1.4730 with a daily close we will target 1.4450 support level. As the price remains above the 1.4730 there are chances of some bullish pressure towards 1.4970 resistance level as well. As the price remains above 1.4730 support level with a daily close the bullish bias is expected to continue further.
