FxWirePro: EUR/CAD sustains gains as uptrend remains strong

• EUR/CAD rose on Friday  as weaker oil prices and soft Canadian retail sales data pressured the loonie..

• Retail sales in Canada increased just 0.3% month-on-month in April, falling short of expectations and pointing to soft consumer demand, which in turn raised concerns about the strength of the domestic economy.

• Meanwhile, oil prices fell, further pressuring the loonie, which is highly sensitive to crude market movements due to Canada's status as a major oil exporter.

• Oil prices dipped to a low of $76.10 per barrel, yet still finished the week up 4% and the month up 20%.

• Technical highlight upside risks for EUR/CAD, with momentum studies, 5, 10 and 11 DMAs tracking north.

• Immediate resistance is located at 1.5845(June 12th high), any close above will push the pair towards 1.5977(23.6%fib).

• Support is seen at 1.5779(38.2%fib) and break below could take the pair towards 1.5721(SMA 9).

Recommendation: Good to buy  around 1.5800 , with stop loss of 1.5730 and target price of 1.5880