FxWirePro: EUR/CAD neutral in the near-term, scope for downward resumption

• EUR/CAD initially gained but gave up ground as investors digested Bank of Canada interest rates decision and awaited a policy decision by the Federal Reserve.

• As widely anticipated, the Canadian central bank stayed on the sidelines after cutting its benchmark rate to a three-year low of 2.25% in October.

• Governor Tiff Macklem said the economy has broadly withstood the impact of U.S. trade measures, though uncertainty remains elevated.

• Investors have priced in about 33 basis points of BoC tightening in 2026, down from 35 basis points before the rate decision.

• Looking ahead, investors were awaiting the U.S. Federal Reserve’s policy meeting later in the day.

• The Federal Open Market Committee (FOMC) will deliver its interest-rate decision at 2:00 p.m. ET (1900 GMT), followed by remarks from Chair Jerome Powell at 2:30 p.m. ET (1930 GMT)..

• Immediate resistance is located at 1.6144(Daily high), any close above will push the pair towards 1.6233 (Higher BB).

• Support is seen at 1.6078(38.2%fib) and break below could take the pair towards 1.6051 (Lower BB).

Recommendation: Good to sell  around 1.6120 , with stop loss of 1.6220  and target price of 1.6020