FxWirePro: EUR/CAD extends gains, faces 38.2%fib resistance

• EUR/CAD rose sharply  on Friday  as weaker dollar and upbeat Eurozone PMI data boosted euro across the board.

• The US dollar has suffered greatly as a result of Trump's demand for quick rate cut and his lenient stance toward China.

•   S&P Global's HCOB preliminary composite euro zone purchasing managers' index rose from 49.6 in December to 50.2 in January, just surpassing the 50 threshold that separates expansion from contraction.

•Germany's private sector steadied in January, bringing a stop to a six-month recession, but France's services industry contracted further as firms faced sluggish demand and political instability.

• At GMT 16:24,the euro was up  0.56 % at 1.5066 against Canadian dollar 

•  Immediate resistance is located at 1.5078(38.2%fib), any close above will push the pair towards 1.5192 (23.6%fib).

•  Support is seen at 1.4987(50%fib) and break below could take the pair towards 1.4941(Jan 23rd low).

Recommendation: Good to buy  around 1.5020 , with stop loss of 1.4920  and target price of 1.5150