• EUR/CAD dipped on Tuesday as investors awaited policy announcements from multiple central banks.
• The U.S. Federal Reserve will kick off on Wednesday a string of policy announcements from global central banks, including those of Japan, Canada, and Europe, this week.
• The Bank of Canada is expected to cut interest rates by 25 basis points on Wednesday, its second consecutive reduction, as policymakers seek to bolster a slowing economy.
• The European Central Bank (ECB) is largely expected to keep rates unchanged at their respective policy meetings
• Meanwhile,Euro zone consumers lowered their one-year inflation expectations, signaling easing price concerns, the ECB’s survey showed.
• Immediate resistance is located at 1.6299(SMA 20), any close above will push the pair towards 1.6441 (23.6%fib).
• Support is seen at 1.6185 (38.2%fib) and break below could take the pair towards 1.6163(Lower BB).
Recommendation: Good to sell around 1.6280 , with stop loss of 1.6350 and target price of 1.6220
