FxWirePro EUR/CAD fluctuates as U.S. tariff announcement triggers recession fears

• EUR/CAD saw an initial rise but gave up gains as investors looked to reduce risk exposure in response to President Donald Trump's announcement of reciprocal tariffs.

•On Wednesday, Trump imposed a 10% tariff on U.S. imports, raising EU tariffs to 20% and China’s to 54%, with both countries promising retaliation.

.• The new tariffs heightened fears of an escalating global trade war, fueling concerns about an impending global recession.

• EU chief Ursula von der Leyen called the tariffs a significant setback for the global economy, warning that the 27-member bloc was ready to implement countermeasures if negotiations with Washington failed..

 •At GMT 18:05, the pair was trading up 0.46 percent  at 1.5544

•  Immediate resistance is located at 1.5561(38.2%fib), any close above will push the pair towards 1.5756(23.6%fib).

• Support is seen at 1.5404(50%fib) and break below could take the pair towards 1.5304(Lower BB).

Recommendation: Be on sidelines