Forex: EUR/CAD plummets to 1.2960

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Forex: EUR/CAD plummets to 1.2960

FITITOL--> FXstreet.com (Barcelona) - The single currency lost 0.61% against the loonie after the release of important EMU indicators. The latest figures for Germany's and the EMU's PMI and unemployment rates displayed a bleaker picture for the eurozone. Both PMI's came out worse than expected, falling to 46.2 and 45.9 (from 48.4 and 46.0). Germany's unemployment rate came short of expectations as well, increasing to 6.8% and adding 19K more to unemployment (instead of a 10K drop). The EMU's unemployment rate came in line with expectations, rising to 10.9%.

The pair is currently trading at 1.2961, below 1.3052 (200 SMA), facing resistance at 1.3121, ahead of 1.3197 and 1.3256, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 1.2927 and 1.2851.