• EUR/CAD slipped on Wednesday as weaker-than-expected German business sentiment weighed on the euro.
• German business sentiment fell unexpectedly in September, according to a Wednesday survey, highlighting continued weakness in the economic outlook.
• The Ifo Institute reported that Germany’s business climate index fell to 87.7 in September, down from a revised 88.9 in August, missing the poll forecast of 89.3.
• Technical are bullish, daily RSI is bullish at 60, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.6359(23.6%fib), any close above will push the pair towards 1.6381 (Higher BB).
• Support is seen at 1.6227 (38.2%fib) and break below could take the pair towards 1.6198(SM A 20).
Recommendation: Good to buy around 1.6300, with stop loss of 1.6230 and target price of 1.6380
