FxWirePro: EUR/CAD climbs as Canadian dollar buckles under auto tariff concern

• EUR/CAD firmed  on Thursday   as the Canadian dollar came under downward pressure as markets ponder US trade policy.

• On Wednesday, President Donald Trump indicated that the current 25% tariff imposed on cars imported from Canada to the United States might be increased.

• This announcement came as part of ongoing tensions surrounding trade policies between the two countries, particularly concerning the U.S.-Canada trade relationship.

• On the data front, German business morale unexpectedly improved in April, with the Ifo institute's business climate index rising to 86.9 from 86.7 in March, surpassing analysts' forecast of 85.

• At GMT 16:49,the euro was up  0.53% at 1.5793 against Canadian dollar   .

•  Immediate resistance is located at 1.5806 (Daily high), any close above will push the pair towards 1.5942 (23.6%fib).

•  Support is seen at 1.5705 (38.2%fib) and break below could take the pair towards 1.5579(March 18th low).

Recommendation: Good to buy around 1.5780, with stop loss of 1.5700 and target price of 1.5860