• EUR/CAD initially dipped on Friday as investors digested weak economic reports out of the Eurozone area.
• Germany's retail sales unexpectedly fell in December, according to data released by Destatis on Friday.
• Retail sales grew by 1.6% month-on-month in December, exceeding economists' expectations of no change.
• German inflation held steady at 2.8% year-on-year in January, according to preliminary data from the federal statistics office released on Friday.
• At GMT 16:28,the euro was down 0.12% at 1.5044 against Canadian dollar .
• Technical signals are bullish as RSI is heading up at 23, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.5122(23.6%fib), any close above will push the pair towards 1.5175(Higher BB).
• Support is seen at 1.4995 (38.2%fib) and break below could take the pair towards 1.4943(Jan 23rd low).
Recommendation: Good to buy around 1.5020 , with stop loss of 1.4900 and target price of 1.5100
