• EUR/CAD steadied around 1.5616 as the market absorbed the Bank of Canada’s choice to keep rates unchanged.
• The Bank of Canada kept its key rate at 2.75% on Wednesday, citing the need to assess U.S. trade policy impacts, while signaling a possible rate cut if tariffs further slow the economy.
• The decision marks the second consecutive pause by the Bank of Canada, following a sharp 225 basis point rate cut over the past nine months.
• Odds of a rate hold at the Bank of Canada’s July 30 meeting stand at about 55%, with the decision set to accompany a fresh policy report.
• At GMT 15:54, the euro was up 0.09% to 1.5616 against the Canadian dollar.
• Immediate resistance is located at 1.5711(38.2%fib), any close above will push the pair towards 1.5765(Higher BB).
• Support is seen at 1.5533(50%fib) and break below could take the pair towards 1.5348(61.8%fib).
Recommendation: Good to buy around 1.5600 , with stop loss of 1.5530 and target price of 1.5710
