EURCAD Euro vs Canadian Dollar

The euro appreciated against its major counterparts in early European deals on Monday, as news that Rome is willing to make compromises on its deficit target for 2019 lifted up investor sentiment at the start of trading week.

Media reports showed that Italian government is mulling a deficit reduction of upto 2 percent of gross domestic product from the draft budget goal of 2.4 percent of GDP.

In an interview with the Italian newswire Adnkronos on Sunday, Italian Deputy Prime Minister Matteo Salvini suggested that the government is open to tweak its deficit goal for next year.

"I think nobody is fixated on this, if there is a budget which makes the country grow, it could be 2.2 percent or 2.6 percent," he said.

Investors await the developments on the U.S.-China trade front. U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet on the sidelines of the G20 summit in Buenos Aires, Argentina, at the end of the week.

Survey data from the Munich-based institute showed that Germany's Ifo business confidence dropped more-than-expected in November.

The Ifo business confidence indicator fell to 102 from 102.9 in October, which was revised from 102.8. Economists had expected a reading of 102.3.

The currency has been trading higher against its major counterparts in the Asian session.

The euro rose to 1.1384 against the greenback, from a session's low of 1.1327 touched at 8:30 pm ET. If the euro rises further, 1.15 is seen as its next resistance level.

Having dropped to 127.93 against the yen at 6:30 pm ET, the euro reversed direction and appreciated to 128.92. The euro is likely to find resistance around the 131.00 level.

The single currency reached as high as 1.1337 against the franc, up from a low of 1.1299 hit at 5:30 pm ET. The next possible resistance for the euro is seen around the 1.15 mark.

The euro reversed from an early session's low of 0.8836 against the pound, rising to 0.8869. On the upside, 0.90 is possibly seen as the next resistance level for the euro.

Figures from the UK Finance showed that U.K. mortgage approvals for house purchase rose to its highest level in five months in October.

The number of mortgage approvals for house purchase climbed to 45,289 from 37,348 in September. The figure was the highest since June, when approvals were 47,175.

The euro edged up to 1.5014 against the loonie, after falling to 1.4975 at 10:15 pm ET. The euro is seen finding resistance around the 1.51 level.

At 9:00 am ET, European Central Bank President Mario Draghi will testify about the economy and monetary policy before the European Parliament Economic and Monetary Affairs Committee in Brussels.

Bank of England Governor Mark Carney will discuss the new book by Alan Greenspan and Adrian Wooldridge: "Capitalism in America: A History" at the Policy Exchange event in London at 1:30 pm ET.

Euro vs CAD (FX:EURCAD)
Forex Chart
From Mar 2024 to Apr 2024

Euro vs CAD (FX:EURCAD)
Forex Chart
From Apr 2023 to Apr 2024