EUR/CAD rallied to 1.4057, hitting its highest point in 8 months. It later lost 24 pips and is now trading at 1.4032.
Germany Unemployment Change data will be released today at 08:55 UTC, with an expected decline to 13,000.
Nevertheless, fresh GDP data released in Canada matched analyst forecasts with a reading of 0.1% — a backwards step from its previous reading of 0.3%.
At the same time, Germany Consumer Price Index came out at 10%, while a consensus of analysts was expecting 10.4%. Canada GDP Annualized (QoQ) (Q3) released yesterday at 13:30 UTC with a figure of 2.9, while the previous figure was 3.2.
A look at other currencies also shows bullish price action as having closed the previous session at 0.62, NZD/USD is up 0.53% today to currently trade at around 0.6233.
While EUR/CAD is up today, these currencies are lagging behind: after ending yesterday's session at 1.9283, GBP/NZD lost 79 pips and is trading around 1.9204. USD/SGD is down to 1.371, losing 35 pips, after closing at 1.3745 in the preceding trading session.
Positive indicators for EUR/CAD are expected going forward as as things stand, upcoming Germany Unemployment Change data is projected to fall short of market expectations with newly published data of 13,000, following on from the preceding figure of 8,000. New data is set to be published today at 08:55 UTC.
Also worthy of note, Euro Zone Consumer Price Index figure is projected at 10.4%. It previously stood at 10.6%; data will be released today at 10:00 UTC. As things stand, upcoming Germany Retail Sales data is projected to fall short of market expectations with newly published data of -0.6%, following on from the preceding figure of 0.9%. New data is set to be published tomorrow at 07:00 UTC. France Consumer Spending expected to decline to -0.6% while its preceding data was 1.2%, data will be available today at 07:45 UTC.
As things stand, EUR/CAD is 8.75% away from a significant low of 1.2895 first set 3 months ago.