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23 Apr 2013
Forex: EUR/CAD plunges below 1.3400 on German Markit PMI
FXstreet.com (Barcelona) - The EUR/CAD rally was stonewalled at the 1.3438 handle (session high) recently during European trading Tuesday. However, following the publication of lackluster German PMI data, the cross plunged below the 1.3400 level, settling at 1.3374/77 in these moments, en route to a -0.19% fall thus far.
Briefing the technical levels, the Mataf.net analyst team identifies the next short-term supports for the EUR/CAD at 1.3367, ahead 1.3342, and ultimately 1.3320. Conversely, a paring of gains will result in a testing of resistances at 1.3414, onto 1.3436, and finally 1.3461.
In Germany, Markit Manufacturing PMI (April) yielded a figure of only 47.9, missing expectations of 49.0. Moreover, Markit Services PMI (April) came in at 49.2, relative to expectations of 51.0.
Briefing the technical levels, the Mataf.net analyst team identifies the next short-term supports for the EUR/CAD at 1.3367, ahead 1.3342, and ultimately 1.3320. Conversely, a paring of gains will result in a testing of resistances at 1.3414, onto 1.3436, and finally 1.3461.
In Germany, Markit Manufacturing PMI (April) yielded a figure of only 47.9, missing expectations of 49.0. Moreover, Markit Services PMI (April) came in at 49.2, relative to expectations of 51.0.