FxWirePro: EUR/CAD hits 3-week high, scope for further upside

• EUR/CAD rose on Tuesday  as Euro was buoyed against loonie after U.S. President Donald Trump said tariffs on Mexico and Canada would proceed as planned.

• On Monday, Trump stated that tariffs on Canadian and Mexican imports were "on time and on schedule," despite both countries' efforts to strengthen border security and stop fentanyl flow into the U.S. before the March 4 deadline.

• On the data front, German economy contracted by 0.2% in the last quarter of 2024 compared to the previous quarter, according to the statistics office's report on Tuesday, confirming the initial estimate..

• The German economy has been hit by rising competition from abroad, high energy costs, higher interest rates, and uncertain economic conditions, leading to a contraction in 2024 for the second consecutive year.

• Technical signals are bullish  as RSI is heading up  at 61, daily momentum studies  9, 14 and 21 DMAs are trending north.
 
•  Immediate resistance is located at 1.5024 (38.2%fib), any close above will push the pair towards 1.5109 (Higher BB).

•  Support is seen at 1.4934 (50%fib) and break below could take the pair towards 1.4876 (Feb 24th low).

Recommendation: Good to buyl  around 1.4960 , with stop loss of 1.4900  and target price of 1.5080