• EUR/CAD edged higher initially on Thursday but gave up ground after the European Central Bank cut interest rates by 25 basis points to 3% as expected.
• The European Central Bank cut interest rates for the fourth time this year on Thursday and kept the door open to further easing.
• Traders were pricing in 125 basis points worth of interest rate cuts by the ECB end of 2025.
• At GMT 15:51,the euro was last down 0.02% at 1.4857 against Canadian dollar
• Immediate resistance is located at 1.4900(38.2%fib), any close above will push the pair towards 1.4949(Dec 11th high).
• Support is seen at 1.4820(50%fib) and break below could take the pair towards 1.4746(61.8%fib).
Recommendation: Good to sell around 1.4870 , with stop loss of 1.4980 and target price of 1.4720
