• EUR/CAD declined Tuesday as a rebound in key commodities, notably oil, strengthened the Canadian dollar against its European counterpart.
• Oil prices surged more than 4% on Tuesday as the ongoing conflict between Iran and Israel showed no signs of easing.
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• Markets await the Fed’s policy announcement on Wednesday, which will be followed by remarks from Chair Jerome Powell.
• The Fed is likely to leave rates unchanged, but Jerome Powell’s post-meeting commentary will draw scrutiny as Trump continues to fault him for not loosening monetary policy.
• Meanwhile,Investors welcomed signs of a breakthrough in Canada-U.S. talks, as Prime Minister Mark Carney announced a 30-day timeline agreed with Trump for finalizing a new economic and security accord.
• Immediate resistance is located at 1.5727(50%fib), any close above will push the pair towards 1.5765(Higher BB).
• Support is seen at 1.5685(61.8%fib) and break below could take the pair towards 1.5546(Lower BB).
Recommendation: Good to buy around 1.5670 , with stop loss of 1.5560 and target price of 1.5800
