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FxWirePro: EUR/CAD loses steam, but outlook remains bullish

• EUR/CAD dipped on  Friday  as  stronger-than-expected Canadian  jobs data bolstered expectations the Bank of Canada would keep rates on hold next month. 

• Canada's labour market showed strength in May, adding 8,800 jobs defying economists' expectations for a loss of 12,500 positions.

• The unemployment rate in Canada rose to 7% in May, marking its highest level in nearly nine years outside of the COVID-19 pandemic period.

• Following the latest labor market data, investor expectations shifted notably, with markets now pricing in a 73% probability that the Bank of Canada will leave its benchmark interest rate unchanged at 2.75% in July.
 
• Immediate resistance is located at 1.5717(38.2%fib), any close above will push the pair towards 1.5758(Higher BB).

• Support is seen at 1.5539(50%fib) and break below could take the pair towards 1.5505(Lower BB).

Recommendation: Good to buy  around 1.5600 , with stop loss of 1.5530 and target price of 1.5710
 

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