FxWirePro: EUR/CAD hovers around 20-day MA, go short if German Ifo surprisingly bearish

• EUR/CAD hovers around 20-day MA at 1.4557, intraday bias lower. 
   
• Upside finds stiff trendline resistance at 1.4650, pair rejected multiple times at trendline.
   
• Some weakness is seen on intraday charts, markets await German Ifo data.
   
• The headline Ifo Business Climate Index is expected to tick higher to 108.5 in Aug, while the Current Assessment sub-index is seen at 114.9, compared to 114.7 last, and the Ifo Expectations Index is also expected to head north to 102.5 from the 102.2 registered previously.
   
• If there is a bearish surprise, we expect the pair to drop to 1.45 and then 1.4465 levels.
   

Recommendation: Good to short break below 1.4557, SL: 1.46, TP: 1.45/ 1.4465/ 1.4430