FxWirePro: EUR/CAD bounces back after ECB rate cut

• EUR/CAD initially dipped but regained ground as investors assessed the ECB's rate cut and the potential for further easing. 

• The European Central Bank (ECB) lowered its key interest rate  , in line with market expectations, as part of its efforts to stimulate a faltering economy.

• Despite some signs of revival in recent surveys, the eurozone economy has remained weak, with inflation hovering just above the ECB's 2% target. These factors strengthened the case for the rate cut implemented on Thursday.

• At GMT 15:03,the euro was down  0.14% at 1.5032 against Canadian dollar ,after hitting daily low at 1.4973.

• Technical signals are bullish as RSI is heading up  at 59, daily momentum studies  5, 9 and 1 DMAs are trending up.
 
•  Immediate resistance is located at 1.5078(23.6%fib), any close above will push the pair towards 1.5111 (Higher BB).

•  Support is seen at 1.4965 (38.2%fib) and break below could take the pair towards 1.4900 (Lower BB).

Recommendation: Good to buy around 1.5020 , with stop loss of 1.4900  and target price of 1.5100