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

•EUR/CAD advanced on Wednesday recovering some of the losses from the previous session as investors repositioning ahead of  Fed rate decision.

•The Federal Reserve is expected to hold interest rates steady on Wednesday as it assesses a cooling U.S. economy, inflation risks from import tariffs, and rising geopolitical tensions in the Middle East.

•The Fed will release its policy statement and policymakers' updated projections at 2 p.m. EDT (1800 GMT). Powell is scheduled to hold a press conference half an hour later.

•The Federal Reserve’s latest meeting comes against the backdrop of escalating tensions in the Middle East, adding to the uncertainty surrounding the global economic outlook..

•Meanwhile, data showed Eurozone inflation fell below the ECB’s 2% target for the first time in seven months, strengthening the case for a pause in further rate cuts.

•Eurostat confirmed that consumer prices in the eurozone rose 1.9% year-on-year in May, down from 2.2% in April, in line with earlier estimates.

•Immediate resistance is located at 1.5774(50%fib), any close above will push the pair towards 1.5859(38.2%fib).

• Support is seen at 1.5699(61.8%fib) and break below could take the pair towards 1.5593(Lower BB).

Recommendation: Good to buy  around 1.5720 , with stop loss of 1.5560 and target price of 1.5800