• EUR/CAD advanced on Thursday as market digested ECB interest rate decision and economic data from Eurozone and Canada.
• The ECB maintained its main interest rate at 2% on Thursday, halting further policy easing while monitoring developments in Europe's trade negotiations with the United States.S.
• Canadian retail sales fell 1.1% in May, driven by weaker spending on vehicles, groceries, alcohol, and convenience items, according to Thursday’s data.
• Euro zone business activity picked up pace in July, with HCOB’s flash composite PMI hitting an 11-month high of 51.0, up from 50.6 in June.
• Technical signals are bullish as RSI is heading up at 70, daily momentum studies 5, 9 and 1 DMAs are trending north.
• Immediate resistance is located at 1.6103(23.6%fib), any close above will push the pair towards 1.6143(Higher BB).
• Support is seen at 1.5977(Daily low) and break below could take the pair towards 1.5866(38.2%fib).
Recommendation: Good to buy around 1.6030, with stop loss of 1.5950 and target price of 1.6100
