• EUR/CAD declined to hit 9-month low on Friday after data showed Euro zone services activity contracted in November.
• Data showed ,in November, HCOB's preliminary composite euro zone Purchasing Managers' Index (compiled by S&P Global) reached a 10-month low of 48.1.
• The manufacturing PMI index dropped to 45.2 from 46.0, despite predictions of no change
• At GMT 08:08,the euro was last down 0.59% at 1.4552 against Canadian dollar
• Technical signals are bearish as RSI is heading down at 23, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.4586(38.2%fib), any close above will push the pair towards 1.4663 (50%fib).
• Support is seen at 14496 (23.6%fib) and break below could take the pair towards 14400 (Psychological level).
Recommendation: Good to sell around 1.4560 , with stop loss of 1.4650 and target price of 1.4490
