Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/CAD gaining momentum for a move towards 1.5800 level

• EUR/CAD rose on  Wednesday  as    investors welcomed softer-than-expected U.S. inflation figures. 

• Cooler-than-expected Consumer Price Index (CPI) data for the month of May calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts by the U.S. Federal Reserve.

•  The U.S. CPI rose 0.1% in May, down from 0.2% in April, while the annual rate accelerated to 2.4%.

• Meanwhile,ECB chief economist Philip Lane said the recent rate cut should support inflation returning to the 2% target after a temporary dip. Governing council member Gabriel Makhlouf added that rates are now likely to stay steady for the foreseeable future.
 
• Immediate resistance is located at 1.5767(38.2%fib), any close above will push the pair towards 1.5821(April 28th high).

• Support is seen at 1.5569(50%fib) and break below could take the pair towards 1.5539(Lower BB).

Recommendation: Good to buy  around 1.5670 , with stop loss of 1.5560 and target price of 1.5800
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.