Fundamental Analysis EUR/CAD for November 3, 2017

EUR/CAD has been quite volatile after a false break 1.5050-75 resistance area. EUR has been quite mixed with economic reports recently, which would lead to the correction of this pair without a definitive directional movement. Today is a very important day for the CAD as several of the economic impact of the reports will be published. Today, the CAD Employment Change report will be released, which expected an increase of 15.3 k from the previous figure of 10.0 k, Trade Balance report is expected to show a smaller deficit to -3.0 B of the previous figure of -3.4 B and the Unemployment Rate is expected to remain unchanged at 6.2%. On the EUR side, today, we have not event or economic report that could affect the movement of the euro relative to the CAD today, so that any positive or negative result of the CAO report will provide an indication of the next directional move in this pair. As of the current situation, DAC should have an upper hand over EUR in the coming days, which could lead to a new downward pressure to the pair.

Now, let us look at the techniques, the price has recently shown some bullish rejection after the impulsive bearish pressure in this pair. The price is currently residing inside of the distance between 1.4680 to 1.5050-75 area. The price is expected to show some downward pressure in the coming days, with a goal towards 1.4680 support zone in the coming days. As long as the price remains below 1.5050-75 resistance area, the bearish bias is expected to continue.

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