FxWirePro:EUR/CAD gains ground as US-China trade deal optimism grows

• EUR /CAD gained ground  on Friday as a U.S.-UK trade deal boosted optimism over progress in U.S. tariff negotiations with other countries, including China. 

• Financial markets are heading into the weekend with attention firmly fixed on the high-stakes trade negotiations between the United States and China, set to begin Saturday in Switzerland.

• This optimism lifted the euro against the Canadian dollar, as investors speculated that easing trade tensions could support global economic stability and reduce downside risks.

• On the data front, Canada's unemployment rate rose to 6.9% in April, matching the November figure, when joblessness in the country scaled an eight-year high outside of the pandemic era.

• At GMT 16 :29,the euro was up  0.44% at 1.5703 against Canadian dollar .

•  Immediate resistance is located at 1.5757(38.2%fib), any close above will push the pair towards 1.5825(April 28th high).

•  Support is seen at 1.5587(50%fib) and break below could take the pair towards 1.5524(Lower BB). 

Recommendation: Good to buy  around 1.5680, with stop loss of 1.5590,  and target price of 1.5760