Forex: EUR/CAD recovers the mark of 1.3341/44

FXstreet.com (Barcelona) - The EUR/CAD fell below the 1.3300 level Wednesday, testing support briefly at 1.3297 (session low), before rising sharply over 40 pips to trade at 1.3341/44 presently. At this level, the cross has pared all its losses and is trading positively +0.08% above its opening.

Earlier today in Germany, IFO – Business Climate came in at 104.4 in April, against expectations of 106.2. Moreover, the IFO – Current Assessment yielded a figure of 107.2 in April, vs. a projection of 109.5. Finally, IFO – Expectations were reported at 101.6 in the month of April, missing a consensus of 103.0.

According to the Mataf.net analyst team, resistances will be held for the EUR/CAD at 1.3414, then 1.3448, and finally 1.3534. Should a movement lower resume, the pair will meet calculated support at 1.3296, ahead of 1.3247, and ultimately 1.3177.