EUR/CAD has been impulsively bullish recently, heading upwards. CAD has weakened amid recent economic reports that helped EUR to gain momentum against. Today, German PPI report was published with a positive figure, showing an increase to 0.3% from the previous value of 0.2% which was expected to decrease to 0.1%. Besides, Current Account report is yet to be published which is expected to show an increase to 26.2B from the previous figure of 25.1B. On the CAD side, today is a very important day for the currency as CPI report is going to be published today which is expected to increase to 0.3% from the previous value of 0.1%, Core Retail Sales are expected to increase to 0.3% from the previous value of 0.2%, Common CPI is expected to be strong from 1.5% previously, Median CPI is also expected to be upbeat as well which previously was at 1.7%, Retail Sales are expected to increase to 0.5% from the previous value of 0.4%, Trimmed CPI is expected to show an increase from the previous value of 1.4%, and Core CPI is also expected to show an increase from the previous value of 0.0%. There is a series of economic reports to be published on the CAD side that is expected to inject good amount of volatility in the pair. Most of forecasts for Canada's economic reports are quite strong, but any negative economic report will lead to further bullish pressure in the pair. To sum up, EUR is expected to gain momentum against CAD in the coming days.
Now let us look at the technical chart. The price is currently residing above the support area of 1.4685-1.4700. Amid the recent Bullish Engulfing candle taking over the last few days, the pair is currently expected to head up towards 1.5050 resistance area in the nearest days. The bullish trend is quite corrective and volatile and it might take several days to reach the target area. As the price remains above the 1.4685-1.4700 area, the bullish bias is expected to continue further.
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