FxWirePro: EUR/CAD moves higher markets eye EU-US trade progress

• EUR/CAD advanced on Wednesday as investors remained cautiously optimistic about potential progress in trade negotiations between the European Union and the United State

• Trump said Tuesday he’s likely two days away from sending the EU a letter outlining tariff rates on its exports, adding that the bloc has been “very nice” in recent trade talks.

• European Commission President Ursula von der Leyen said the EU is working with the Trump administration on a trade deal but is also preparing for all possible outcomes.

• Market participants are cautiously optimistic that the extension will foster compromise, but they also fear that negotiations could break down when the deadline finally locks in.

•Technicals are favoring bullish sentiment as RSI is at  63 and the pair is trading above   5,9 &11-DMAs.

• Immediate resistance is located at 1.6063(June 26th high), any close above will push the pair towards 1.6106(23.6%fib).

• Support is seen at 1.5997 (38.2%fib) and break below could take the pair towards 1.5905 (50%fib).

Recommendation: Good to buy around 1.6010 , with stop loss of 1.5900  and target price of 1.6080