FxWirePro: EUR/CAD slide lower shifts pressure to the downside

• EUR/CAD initially gained but reversed course as higher oil prices boosted Canadian dollar across the board.
. 
• The price of oil  , one of Canada's major exports, rose 1.4% to $64.44 a barrel on renewed concerns that tensions between the U.S. and Iran could lead to oil supply disruptions.

• Focus now shifts to key U.S. data this week, especially the delayed Nonfarm Payrolls report and the Consumer Price Index.

• The upcoming data could be crucial in guiding the U.S. dollar’s near-term direction as traders assess the timing of the first rate cut this year. 

• Technical signals are bearish as RSI is heading down  at 48, daily momentum studies  11,14 and 21 DMAs are trending down.
 
•  Immediate resistance is located at 1.6178(SMA 20), any close above will push the pair towards 1.6225 (50%fib).

•  Support is seen at 1.6111(23.6%fib) and break below could take the pair towards 1.6049 (Psychological level).

Recommendation: Good to sell  around 1.6160 , with stop loss of 1.6220  and target price of 1.6100