EUR and CAD: The euro continues to decline amid negative news, while the Canadian dollar strengthened its position

The euro continues to remain under pressure after an unsuccessful morning attempt to get out of the large resistance level of 1.1215. The eurozone balance sheet report put pressure on the pair in the first half of the day, as its decline was recorded.

However, economists can breathe a little, as yesterday the administration of President Donald Trump postponed the decision to impose import duties on cars from Europe.

According to the data, the trade surplus fell to 17.9 billion euros in March of this year from 20.6 billion euros in February. The reduction was due to the fact that imports grew faster than exports. Excluding the correction, the eurozone's foreign trade surplus in March was 22.5 billion euros and against 26.9 billion euros in March 2018.

As for trade with the United States, the balance fell to 33.9 billion euros from 36.2 billion euros a year earlier. Exports from the EU to the United States in the 1st quarter, though growing, imports were even more. The report indicates that compared to the same period in 2018, US exports grew by 8.2%, while EU imports from the US grew by 16.3%.

As for the technical picture of the EURUSD pair, it remained unchanged compared with the morning forecast. After an unsuccessful attempt to grow the euro above the resistance of 1.1215, pressure on the trading instrument resumed. The bears almost pushed EURUSD to the support of 1.1180, the breakthrough of which would lead to a larger sale in the area of 1.1150 and 1.1100.

The USDCAD pair fell today after the release of a good report on sales in the manufacturing sector of Canada, which showed quite strong growth. This once again confirms the regulator's expectations that the Canadian economy has overcome a period of temporary weakness.

According to the Bureau of Statistics of Canada, sales in the manufacturing sector in March 2019 increased by 2.1% compared with the previous month and amounted to 57.97 billion Canadian dollars. Economists had expected growth of only 1.7%.

The Australian dollar continues to be under pressure after the morning report, in which it was shown that the unemployment rate in Australia rose in April, despite the increase in the number of jobs.

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According to the Australian Bureau of Statistics, unemployment in Australia rose to 5.2%. In March, unemployment was 5.1%, against a previous estimate of 5.0%. The number of jobs increased by 28,400, while economists expected growth of 15,000. The share of the economically active population rose to 65.8% versus 65.7% in March.

The material has been provided by InstaForex Company - www.instaforex.com