• EUR/CAD dipped on Friday as Trump ramped up tariff warnings aimed at the European union.
• Trump announced plans to impose a flat 50% tariff on EU goods starting June 1, targeting luxury items, pharmaceuticals, and more. He also warned of a 25% tariff on iPhones sold but not made in the U.S.
• This marked another key moment in a turbulent week for global markets, which began with Moody's downgrading the U.S. credit rating and continued with the U.S. House narrowly passing Donald Trump's broad tax cut package on Thursday..
• At GMT 16:10,the euro was down 0.59% at 1.5604 against Canadian
• Technical signals are bearish as RSI is heading down at 47, daily momentum studies 11, 14 and 21 DMAs are trending down.
• Immediate resistance is located at 1.5695(50%fib), any close above will push the pair towards 1.5674(May 21st high).
• Support is seen at 1.5599 (38.2%fib) and break below could take the pair towards 1.5522(Lower BB).
Recommendation: Good to sell around 1.5610 , with stop loss of 1.5680 and target price of 1.5550
