FxWirePro: EUR/CAD outlook weaker on renewed downside pressure

• EUR/CAD  slipped  below 1.5800 level   on Wednesday as a lopsided U.S.-EU trade deal revived concerns about the Eurozone economic outlook

• The recently finalized trade pact is widely seen as favoring U.S. exporters, triggering fears over slower Eurozone growth and reduced corporate earnings.

• Eurozone Q2 GDP came in at a modest +0.1%, with an annual increase of 1.4%, market confidence remains fragile.

•Meanwhile, the Bank of Canada left its key interest rate unchanged at 2.75% for the third straight meeting, noting that fears of a worsening global trade war have eased..

• Technical signals are bullish  as RSI is heading up  at 57, daily momentum studies  5, 9 and 1 DMAs are trending north.

•  Immediate resistance is located at 1.5871(38.2%fib), any close above will push the pair towards 1.5975(SMA20).

•  Support is seen at 1.5977(Daily low) and break below could take the pair towards 1.5649(50%fib).

Recommendation: Good to sell  around 1.5820, with stop loss of 1.5900 and target price of 1.5760