FxWirePro: EUR/CAD moves higher as Canadian dollar dips on weak manufacturing data

• EUR/CAD firmed  on Wednesday as Canadian dollar weakened after  data showed a deeper downturn in the manufacturing sector.

• Canada Manufacturing PMI dropped to 47.7 from 48.3, marking the eighth consecutive month below 50, indicating ongoing contraction.

• The prolonged slump, fueled by weak exports and tariff pressures, marked the eighth straight month of contraction, highlighting the mounting uncertainty confronting manufacturers.

• Investors are pricing in a 55% probability that the Bank of Canada will cut interest rates at the upcoming meeting.

• Bank of Canada lowered its benchmark rate by 25 basis points to 2.50% last month, marking its first reduction since March.

• Immediate resistance is located at 1.6385 (23.6%fib), any close above will push the pair towards 1.6419 (Higher BB).

•  Support is seen at 1.6249(SMA 20) and break below could take the pair towards 1.6125(38.2%fib).

Recommendation: Good to buy  around 1.6330 , with stop loss of 1.6270 and target price of 1.6400