FxWirePro: EUR/CAD uptrend resumes rise toward key fibo

• EUR/CAD strengthened on Tuesday  as euro was supported by upbeat German investor sentiment data. 

• German investor sentiment rebounded more than expected in May, recovering from a steep drop in the previous month, according to the ZEW economic research institute on Tuesday.

• The ZEW economic sentiment index jumped to 25.2 in May from -14.0 in April, sharply beating expectations for a reading of 11.9

• At GMT 16:56,the euro was up  0.70% at 1.5602 against Canadian dollar 

 •  Immediate resistance is located at 1.5630(50%fib), any close above will push the pair towards 1.5725(May 9th high).

• Support is seen at 1.5475(61.8%fib) and break below could take the pair towards 1.5442(Lower BB).

Recommendation: Good to buy  around 1.5570 , with stop loss of 1.5530 and target price of 1.5570