• EUR/CAD edged lower as U.S. President Donald Trump's latest threat to impose steep tariffs on the European Union weighed in euro.
• U.S. President Donald Trump announced on Saturday that he would impose 30% tariffs on most imports from the European Union starting August 1, though diplomats noted that there is still time to reach an agreement and avert the measure.
• The proposed 30% tariff threatens to reshape trade dynamics, straining supply chains and weighing heavily on both European and American markets.
• In a bid to avoid escalation, the EU announced it will delay retaliatory tariffs on U.S. goods until at least early August and continue talks toward a trade deal.
• Trump’s latest move builds on last week’s tariff escalation, which targeted key U.S. allies such as Canada, Japan, and South Korea, and included a 50% duty on copper.
• Immediate resistance is located at 1.6120(23.6%fib), any close above will push the pair towards 1.6178 (Higher BB).
• Support is seen at 1.5952 (SMA 20) and break below could take the pair towards 1.5847 (38.2%fib).
Recommendation: Good to sell around 1.6000 , with stop loss of 1.6100 and target price of 1.5930
