FxWirePro: EUR/CAD gaining momentum for a move towards 1.6200 level

• EUR/CAD rose above 1.6100 level on Wednesday    as euro gained traction on firmer risk tone.

• The euro gained following Tuesday’s release of soft U.S. inflation data and a weaker-than-expected U.S. jobs report, which reinforced expectations of a Federal Reserve interest rate cut next month..

• CME Group's FedWatch tool now pegs the probability of a rate cut at the Fed's September 16-17 meetingat 97%, up from about 86% a day earlier and just 57% a month ago.

• Meanwhile, markets were also focused on a virtual meeting on Wednesday between European and Ukrainian leaders and President Trump, ahead of his summit with Russian President Vladimir Putin in Alaska on Friday .

• Technical are bullish, daily RSI is bullish  at 61, daily momentum studies  9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6137(23.6%fib), any close above will push the pair towards 1.6186 (Higher BB).

•  Support is seen at 1.6075 (Daily low) and break below could take the pair towards 1.5969(38.2%fib).

Recommendation: Good to buy  around 1.6090 , with stop loss of 1.5950 and target price of 1.6200