• EUR/CAD climbed early on Friday but later retreated, as market participants reassessed their positions after a chaotic week fueled by intensifying trade tensions.
• Markets faced a tough week, hit by a full-blown trade war and a bond selloff that sparked global recession fears and shook confidence in U.S. assets.
• Euro zone markets are stable despite global turmoil, and the ECB is prepared to act if needed, President Christine Lagarde said Friday.
• The European Central Bank is closely monitoring the situation and stands ready to use its available tools to ensure price and financial stability, which go hand in hand, Lagarde said at a press conference..
• Immediate resistance is located at 1.5788(38.2%fib), any close above will push the pair towards 1.6000(Psychological level).
• Support is seen at 1.5575(50%fib) and break below could take the pair towards 1.5395(61.8%fib).
Recommendation: Good to buy around 1.5760 , with stop loss of 1.5620 and target price of 1.5880