FxWirePro: EUR/CAD hits on month low, scope for further downside

• EUR/CAD hit on month low as euro attracted sharp sellers  investors viewed the U.S.-EU trade agreement as skewed in Washington’s favor.. 

• U.S. President Donald Trump finalized his largest trade deal to date with the European Union on Sunday, imposing a 15% tariff on most EU imports and securing $600 billion in EU investments.

• Several European Union leaders voiced strong criticism of the recently concluded trade agreement with the United States.

• German Chancellor Friedrich Merz warned that the deal would inflict significant harm on Germany’s economy due to the imposed tariffs. Meanwhile, France’s Prime Minister described the agreement as a “dark day” for Europe during remarks on Monday.

• Technical signals are bearish  as RSI is heading down  at 45, daily momentum studies  9 14 and 20 DMAs are trending south.

•  Immediate resistance is located at 1.5987(SMA 20), any close above will push the pair towards 1.6142(23.6%fib).

•  Support is seen at 1.5878(38.2%fib) and break below could take the pair towards 1.5761(June 23rd low).

Recommendation: Good to sell  around 1.5920, with stop loss of 1.5980 and target price of 1.5860