• EUR/CAD advanced Thursday the euro gained momentum following the ECB’s latest rate cut..
• The European Central Bank lowered interest rates for the eighth time this year, noting inflation was manageable.
• The ECB cut its key interest rate from 2.25% to 2.0%, settling in the middle of its neutral range, which is considered neither restrictive nor supportive for the economy.
• The euro gained further strength after ECB President Christine Lagarde revealed that the decision to cut interest rates was not unanimous, with one member dissenting.
• At GMT 15:52, the euro was up 0.16% to 1.5642 against the Canadian dollar.
• Immediate resistance is located at 1.5699(50%fib), any close above will push the pair towards 1.5731(Higher BB).
• Support is seen at 1.5582(61.8%fib) and break below could take the pair towards 1.5535(Lower BB).
Recommendation: Good to buy around 1.5620 , with stop loss of 1.5530 and target price of 1.5710
