EUR/CAD retraces 37 pips from 1 year high, trades at 1.4605

Published: January 25 2023, 20:10 GMT+0

EUR/CAD retraces 37 pips from 1 year high, trades at 1.4605

EUR/CAD reached 1.4643, breaking a 1 year record. Later, it lost 37 pips and is now trading at 1.4605.

EUR/CAD is currently trading at 1.4605 following the release of BOC Press Conference data from the Canada.

On the flip side, highly important Business Climate Index data from Germany beat analyst expectations of 90.2 with a reading of 90.2.

Meanwhile, Canada Interest Rate released today at 15:00 UTC with a figure of 4.5, while the previous figure was 4.25. France Jobseekers Total released today at 11:00 UTC is better than expected at 2.82 million but down from preceding data of 2.81 million according to new data.

Elsewhere, other currency pairs are also gaining ground as GBP/NZD surges 0.83% to trade around 1.913. GBP/CAD is up 0.66% to 1.6588.

While EUR/CAD is up today, these currencies are lagging behind: USD/SGD is down 64 pips from the beginning of the session and now trades around 1.3129.

Furthermore, the market is looking at Canada Wholesale Sales (MoM) is scheduled for tomorrow at 13:30 UTC.

The past 3 months have been positive for EUR/CAD as it added 7.45% compared to its 3-month low of 1.2895.