FxWirePro: EUR/CAD rebounds ,critical resistance lies ahead

• EUR/CAD rebounded strongly on Thursday as Canadian dollar weakened a day after U.S. President Donald Trump's announcement of tariffs on auto imports intensified the global trade war.

.• Trump on Wednesday imposed a 25% tariff on imported cars and light trucks, set to take effect next week, prompting retaliation threats from governments including Ottawa and Paris.

.• Trump’s tariffs are expected to slow economic growth, escalate trade tensions, and increase inflation.

• Investors are awaiting Canada’s January GDP figures and the U.S. Federal Reserve’s preferred inflation gauge, the PCE data, both set for release on Friday.

 •At GMT 15:59, the pair was trading up 0.76 percent  at 1.5457

•  Immediate resistance is located at 1.5450(SMA 21), any close above will push the pair towards 1.5546(38.2%fib).

• Support is seen at 1.5359(50%fib) and break below could take the pair towards 1.5295(March 5th low).

Recommendation: Good to buy around 1.5410  with stop loss of 1.5350 and target price of 1.5550