Germany unemployment rate was unchanged at 5.0% in February, matched expectations. Unemployment dropped -10k, versus expectation of 3k rise. Import price index dropped -0.4%% mom in January, versus expectation of 0.2% mom. Euro remains one of the strongest one for the week pays little attention to the data.
In particular EUR/CAD’s strong break of 1.4719 resistance suggests medium term reversal. That is, whole corrective decline from 1.6151 (2018 high) has completed with three waves down to 1.4263, after missing 100% projection of 1.6151 to 1.4759 from 1.5645 at 1.4253. Further rise should now be seen back to 1.4994 resistance. Sustained break there will further around this bullish case.
