The phrase of yesterday was ‘kitchen sink’, which for those not familiar, comes from the English expression for throwing everything at a problem. That was the approach of the ECB to the slow growth, low inflation and falling inflation expectations of the Eurozone. The currency reaction was very telling. The euro was initially weaker, on the basis that the measures went further than was generally anticipated, but interest rate markets look a different view (yields rising) which eventually over-whelmed the currency and dragged it higher in response. Furthermore, Draghi’s comment that “we don’t anticipate it will be necessary to reduce rates further” fuelled the re-bound in the single currency that ensued. This left the single currency nearly 2% firmer against the dollar than before the meeting, which I’m sure is not the reaction that the ECB either wanted or expected. For today, markets are still likely to be absorbing the impact of yesterday’s ECB announcements. Equities were also on something of a roller-coaster, with equities having been up around 3.5% (Eurostoxx 50) before ending the session in negative territory. There are no key data releases for the US or Eurozone, with the Canadian jobs data the main focus, especially given the less dovish message emanating from the Bank of Canada earlier this week when it kept rates on hold. The CAD has been a little more consolidative in recent days after the strong recovery seen over the past two months. USDCAD support comes in initially at yesterday’s low of 1.3229. Further reading: EUR/USD: Don’t Expect Downside To Resume Now: Here Is Why? – BNPP Draghi Delivers all around – EUR/USD goes wild FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next Elliott Wave Analysis on GBPUSD and AUDUSD Mar 2016 Gregor Horvat 6 years The phrase of yesterday was 'kitchen sink', which for those not familiar, comes from the English expression for throwing everything at a problem. That was the approach of the ECB to the slow growth, low inflation and falling inflation expectations of the Eurozone. The currency reaction was very telling. The euro was initially weaker, on the basis that the measures went further than was generally anticipated, but interest rate markets look a different view (yields rising) which eventually over-whelmed the currency and dragged it higher in response. Furthermore, Draghi's comment that "we don't anticipate it will be necessary to reduce… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.