FxWirePro: EUR/CAD runs out of steam but maintains bullish outlook

• 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