FxWirePro: EUR/CAD sustains gains as uptrend remains strong

• EUR/CAD advanced on Friday  as Canadian GDP and in-line U.S. inflation data boosted investor sentiment.

• Data on showed, Canada’s monthly GDP rebounded from three months of contraction to grow by 0.2% in July, with mining, manufacturing and wholesale trade boosting growth.

• Canada’s economic growth slowed in recent months after a robust start to the year, as a wave of U.S. tariffs hit key sectors of the economy, dampening momentum.

• U.S. Personal Consumption Expenditures index was in-line with expectations, increasing bets that the Federal Reserve might further lower rates this year.

• Technical are bullish, daily RSI is bullish  at 58, daily momentum studies  9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6367(23.6%fib), any close above will push the pair towards 1.6428 (Higher BB).

•  Support is seen at 1.6228 (SMA 20) and break below could take the pair towards 1.6103 (38.2%fib).

Recommendation: Good to buy  around 1.6280, with stop loss of 1.6200 and target price of 1.6370