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FxWirePro: EUR/CAD positions for another climb, eyes 1.5200 level

• EUR/CAD rose sharply  on Monday  as euro rose sharply as investors ignored prospect of high U.S. tariffs.

• The prospect of high U.S. tariffs on goods from countries like China, Canada, Mexico, and the euro zone has raised concerns recently about a new wave of inflation.

• German business morale unexpectedly improved in January, with the Ifo institute's business climate index rising to 85.1 from 84.7 the previous month.

• At GMT 15:38 ,the euro was up  0.59% at 1.5107 against Canadian dollar ,its highest level since Nov 6th 2024 .

• Technical signals are bullish as RSI is heading up  at 67, daily momentum studies  5, 9 and 1 DMAs are trending up.
 
• Immediate resistance is located at 1.5137(23.6%fib), any close above will push the pair towards 1.5178 (Higher BB).

• Support is seen at 1.5031(38.2%fib) and break below could take the pair towards 1.4946(50%fib).

Recommendation: Good to buy  around 1.5080, with stop loss of 1.4900  and target price of 1.5200
 

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