EUR/CAD retracted 15 pips from 1 year high and trades at 1.4621

Published: January 26 2023, 05:15 GMT+0

EUR/CAD retracted 15 pips from 1 year high and trades at 1.4621

EUR/CAD rallied to 1.4636, hitting its highest point in 1 year. It later lost 15 pips and is now trading at 1.4621.

Nevertheless, highly important Business Climate Index data from Germany beat analyst expectations of 90.2 with a reading of 90.2.

At the same time, Canada Interest Rate released yesterday at 15:00 UTC with a figure of 4.5, while the previous figure was 4.25. Data for France Jobseekers Total released yesterday at 11:00 UTC is better than expected with 2.82 million, but worse than previous figure of 2.81 million.

While EUR/CAD is up today, these currencies are lagging behind: EUR/JPY is trading around 141.13 (down 22 pips). After ending yesterday's session at 1.9131, GBP/NZD lost 30 pips and is trading around 1.91. GBP/JPY is down 26 pips from the beginning of the session and now trades around 160.33.

Furthermore, the market is looking at Euro Zone ECB President Lagarde speech set for tomorrow at 10:30 UTC. Spain GDP figure is projected at 0.1. It previously stood at 0.1; data will be released tomorrow at 08:00 UTC. Germany Buba Balz speech will be released tomorrow at 17:00 UTC. Canada Wholesale Sales (MoM) scheduled to come out today at 13:30 UTC.

EUR/CAD now trading 7.74% above its 3-month low of 1.2895.