Forex: EUR/CAD retraces European gains ahead of Canada labor data

The European session allowed a jump to 1.3540 high but it was later retraced back to the opening of 1.3493. The cross is remaining under 1.3500 mark at the time of writing and as the market gets ready for the release of Canada labor market data.

“With the Bank of Canada having moved another incremental step from hawkish toward neutral this week, markets may be keeping a closer eye on the incoming Canadian data in the lead-up to the April MPR”, wrote TD Securities analysts, looking for a flat reading for today’s employment report slightly below consensus of +8K, “which would keep markets focused on Canada’s downside risks”.

Mataf.net analysts point to resistance at 1.3520, 1.3535 and 1.3625. On the downside, supports might be found at 1.3485, 1.3460 and 1.3375.