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EUR/CAD jumps to session highs after CPI in Canada

FXstreet.com (New York) - The EUR/CAD foreign exchange rate has been oscillating in negative territory recently, before exploding to session highs suddenly on the heels of economic data in Canada.

Following the destabilization and seesawing motion during European trading, the EUR/CAD technical cross has moved higher to 1.3769, presently up +0.19% in these moments. The Mataf.net analyst team has identified resistances at 1.3771, followed by 1.3817, and ultimately 1.3894. Alternatively, supports at 1.3648, then 1.3571, and finally 1.3525.

EUR/CAD economic data in focus

In Canada, the Consumer Price Index (YoY and MoM) has climbed +0.7% in May (missing expectations of +0.9%) and +0.2% in May (vs. projections of +0.4%) respectively. In addition, the Bank of Canada Consumer Price Index Core (MoM) was reported at +0.2% in May, against estimates of +0.3%. Finally, the Bank of Canada Consumer Price Index Core (YoY) has climbed only +1.1% in May, missing a consensus of +1.2%.

Canada: Annual CPI rises 0.7% in May

According to data released today by Statistics Canada, Canadian annual inflation grew 0.7% in May, following a 0.4% increase registered the previous month. Analysts expected a 0.9% rise. On a monthly basis Canadian CPI ticked up 0.2% in May, after sliding 0.2% in April, below expectations of +0.4%.
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