Key Points
- The Euro recently traded close to 1.4780 against the Canadian dollar where sellers appeared.
- There is a major bearish trend line formed on the hourly chart of the EURCAD pair, which protected an upside move.
- Today in the Euro Zone, the German Retail Sales was released by the Statistisches Bundesamt Deutschland.
- The result was below the forecast, as there was a decline of 0.4% in August 2016.
EURCAD Technical Analysis
The Euro recently enjoyed a decent upside move towards 1.4780 against the Canadian dollar where it found offers. The EURCAD pair was seen struggling, and as a result, there was a downside move.
The EURCAD pair was also seen struggling near a major bearish trend line formed on the hourly chart. Moreover, the last pivot area of 1.4780 acted prevented an upside break.
The pair is currently attempting a close below 21 hourly simple moving average. If there is a close below the 21 hourly SMA, there are chances of more declines.
German Retail Sales
Today in the Euro Zone, the Retail Sales, which is a measure of changes in sales of the German retail sector was released by the Statistisches Bundesamt Deutschland.
The market was expecting a decline of 0.3% in August 2016, compared with the previous month. The result was below the forecast, as there was a decline of 0.4%. The report stated that “According to provisional results of the Federal Statistical Office (Destatis), retail turnover in August 2016 in Germany increased in real terms 3.7% and in nominal terms 3.9% compared with the corresponding month of the previous year. The number of days open for sale was 27 in August 2016 and 26 in August 2015 “.
Overall, it looks like the Euro buyers have no reason to remain in power, and as a result, there may be further declines in EURCAD.
