EUR/CAD has shown a good amount of bearish impulsive pressure with a daily close after breaking above 1.4730 recently. The pair is currently quite volatile in nature, so corrective moves will follow in the coming days. Today, the ECB is going to present the Economic Bulletin where interest rates and future economic conditions will be evaluated. They are expected to be quite positive in principle. Besides, ECB President Draghi is going to speak today about monetary policy and a short-term interest rate that will have a serious impact on the market. Therefore, EUR is expected to gain further amid the hawkish sentiment of Mario Draghi. Moreover, EUR Consumer Confidence report is going to be published today which is expected to be unchanged at -2. On the other hand, CAD Wholesale Sales report is due today which is expected to show a greater deficit at -7 which previously was at -5. To sum up, though EUR and CAD have been quite positive amid the economic reports recently, the pair will get a directional bias in the market after Draghi's speech today. At present, EUR has lost ground without any CAD intervention or economic reports. This indicates there is a possibility of CAD gaining more in the coming days over EUR.
Now let us look at the technical chart. The price has recently bounced off the 1.4730 resistance level and closed with a daily candle below it which also shows bearish engulfing off the dynamic level of 20 EMA as well. As for the current scenario, the price is expected to show a bearish move towards 1.4290 support level in the coming days. As the price remains below 1.4730 with a daily close, the bearish bias is likely to continue further.
