FxWirePro: EUR/CAD slips as rising oil prices boost Canadian dollar

• EUR/CAD slipped lower on Wednesday as the commodity linked Canadian dollar was boosted by  higher oil prices.

• The price of oil, one of Canada’s key exports, rose 2.6% to $58.72 a barrel, supported by growing U.S. energy consumption and renewed hopes of progress toward a U.S. trade deal with China and India.

• Market participants now await Friday’s release of the U.S. Consumer Price Index, a key inflation gauge that could offer clues about the Federal Reserve’s future monetary policy path..

• Additionally, Canadian retail sales figures, due on Thursday, will offer a glimpse into domestic consumer spending patterns.
 
•  Immediate resistance is located at 1.6303 (SMA 20), any close above will push the pair towards 1.6331(38.2%fib).

•  Support is seen at 1.6220(50%fib) and break below could take the pair towards 1.6166(Lower BB).

Recommendation: Good to sell around 1.6260 , with stop loss of 1.6350 and target price of 1.6160