• EUR/CAD rose on Thursday after the European Central Bank delivered a widely-expected 25 basis points cut to interest rates but signaled caution over future policy easing.
• The ECB cut its 2025 growth forecast for the fourth time, projecting 0.9% expansion, slightly above last year’s 0.7%.
• Markets anticipate nearly two more rate cuts this year, slightly fewer than before Germany’s budget announcement but still within recent expectations.
• At GMT 14:29,the euro was up 0.32% at 1.5518 against Canadian dollar ,its highest level since 1st Jan 2021 .
• Technical signals are bullish as RSI is heading down at 81, daily momentum studies 5, 9 and 1 DMAs are trending up.
• Immediate resistance is located at 1.5568(Daily high), any close above will push the pair towards 1.5602(23.6%fib).
• Support is seen at 1.5548(38.2%fib) and break below could take the pair towards 1.5329 (50%fib).
Recommendation: Good to buy around 1.5500 , with stop loss of 1.5430 and target price of 1.5580
