• EUR/CAD steadied around 1.6170 as investors digested Eurozone’s annual consumer price index and awaited await Powell’s Jackson Hole speech.
• Powell's remarks on the near-term outlook for rates will be keenly watched as traders are almost fully pricing in a rate cut next month.
• Eurostat’s preliminary report on Wednesday showed the Eurozone’s annual consumer price index (CPI) rising 2%.
• Eurostat reported that services contributed most to the annual euro area inflation, followed by food, alcohol and tobacco, and non-energy industrial goods.
• Technical are bullish, daily RSI is bullish at 62, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.6185(23.6%fib), any close above will push the pair towards 1.6228(Higher BB).
• Support is seen at 1.6083 (Daily low) and break below could take the pair towards 1.6015(SMA20).
Recommendation: Good to buy around 1.6150 , with stop loss of 1.6050 and target price of 1.6250
