FxWirePro: EUR/CAD dips as loonie firms following BoC rate decision

• EUR/CAD slipped lower  on Wednesday  as   the Canadian dollar firmed after Bank of Canada kept key interest rate ‌unchanged on Wednesday.

• The Bank of Canada is expected to hold rates steady on Wednesday, with recent data showing the economy remains stable and aligned with the central bank’s outlook despite U.S. tariff pressures.

• BoC Governor Tiff Macklem said following the late-October 25-basis-point cut that borrowing costs are near the right level and rates will remain on hold if the economic outlook stays stable.

• The BoC kept its policy rate at 2.25% last month, the lower end of the neutral range, where the economy is neither stimulated nor restricted.

• Money markets anticipate Canada’s policy will remain on hold or tilt toward easing through mid-2026, then move to modest tightening in the final quarter.

•  Immediate resistance is located at 1.6365(Higher BB), any close above will push the pair towards 1.6485(23.6%fib).

•  Immediate resistance is located at 1.5076(23.6%fib), any close above will push the pair towards 1.5115(Higher BB).

• Support is seen at 1.6184(SMA 20) and break below could take the pair towards 1.6051(50%fib).

Recommendation: Good to sell around 1.6220 , with stop loss of 1.6290 and target price of 1.6180