FxWirePro: EUR/CAD steadies after new trade barriers from China and EU

• EUR/CAD steadied on Wednesday   after China and the European Union slapped new trade barriers on U.S. goods, stoking worries that an intensifying trade war.   

•  European Union countries are set to approve their first countermeasures against Trump’s tariffs on Wednesday, joining China and Canada in escalating a conflict that could trigger a global trade war.

• Since Trump’s tariff announcement last week, stocks have fallen, the dollar weakened, and U.S. Treasuries sold off, sparking fears of a global financial crisis.

• The tariffs are expected to significantly impact the euro zone, with  the ECB suggesting growth may be hit harder than the previously predicted half-point decline.
 
•  Immediate resistance is located at 1.5716(38.2%fib), any close above will push the pair towards 1.5772 (Higher BB).

• Support is seen at 1.5564 (50%fib) and break below could take the pair towards 1.5396(61.8%fib).

Recommendation: Good to buy   around 1.4580 , with stop loss of 1.4450  and target price of 1.4680