FxWirePro: EUR/CAD holds above 1.6000 but upside is limited

• EUR/CAD edged higher on Thursday  as   investors assessed   the impact of U.S. tariff implementation and awaited Canadian employment data  .

• U.S. President Donald Trump's increased tariffs took effect, slapping a 35% levy on Canadian imports after trade talks broke down before the deadline.

• Canada’s July employment report, set for release on Friday, is expected to show a more modest gain of 13,500 jobs, following June’s sharp increase of 83,100.

• Meanwhile, the seasonally adjusted Ivey Purchasing Managers Index (PMI) climbed to 55.8 in July from 53.3 in June, marking its highest reading since July 2024.

• Immediate resistance is located at 1.6115(23.6%fib), any close above will push the pair towards 1.6171 (Higher BB).

• Support is seen at 1.5952 (SMA 20) and break below could take the pair towards 1.5810 (38.2%fib).

Recommendation: Good to buy  around 1.6000 , with stop loss of 1.5950 and target price of 1.6080