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FxWirePro: EUR/CAD rebounds from 9-month low, outlook bullish

• EUR/CAD strengthened  on Monday  as last weeks broad selloff eased on euro. 

• Euro fell to 9-month low on Friday after data showed Euro zone Purchasing Managers' Index  reached a 10-month low of 48.1.

• Pressure on the European Central Bank to keep easing monetary policy is building and has kept alive hopes of a rate cut of up to 50bps at next month's final policy meeting of the year.

• At GMT 16:02,the euro was last up  0.72% at 1.4673 against Canadian dollar 
 
•  Immediate resistance is located at 1.4586(38.2%fib), any close above will push the pair towards 1.4663 (23.6%fib).

• Support is seen at 14628(38.2%fib) and break below could take the pair towards 1.4512(23.6%fib).

Recommendation: Good to buy around 1.4660 , with stop loss of 1.4550  and target price of 1.4750

 

 

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