FxWirePro: EUR/CAD caught in narrow range, bias is bullish

• EUR/CAD gained  modestly as markets turned their attention to next week’s Bank of Canada policy meeting.

• Most economists expect the Bank of Canada to cut its overnight rate by 25 basis points on September 17 as the labor market weakens and economic activity slows..

• Canada’s central bank faces mounting pressure to resume easing after keeping rates unchanged since March, following a total 225-basis-point cut—among the largest reductions in the G10.

•  Official data last week showed Canada’s economy lost 65,500 jobs in August, lifting the unemployment rate to a nine-year high outside pandemic periods.

• Immediate resistance is located at 1.6260 (23.6%fib), any close above will push the pair towards 1.6297(Higher BB).

•  Support is seen at 1.6195(Sep11 th low) and break below could take the pair towards 1.6145(38.2%fib).

Recommendation: Good to buy  around 1.6230 , with stop loss of 1.6160  and target price of 1.6300