FxWirePro: EUR/CAD advances euro strengthens on robust Eurozone PMI data

• EUR/CAD advanced    on Friday as  Euro was supported by upbeat Eurozone business activity data.

• Business activity in the euro zone picked up pace in October as new orders rose at the fastest rate in two and a half years, suggesting the region’s economy strengthened at the beginning of the final quarter, a survey said on Friday.

• S&P Global’s HCOB Flash Eurozone Composite PMI rose to 52.2 in October, up from 51.2 in September, extending its expansion streak to ten months and hitting a 17-month high, contrary to expectations for a drop to 51.0.

• Meanwhile,The Bank of Canada is also set to announce its monetary policy decision on October 29 and markets are currently pricing in about 94% chances of a 25-basis-point easing.
 
•  Immediate resistance is located at 1.6324 (38.2%fib), any close above will push the pair towards 1.6404(Oct 3rd high).

•  Support is seen at 1.6225(50%fib) and break below could take the pair towards 1.6167(Lower BB).

Recommendation: Good to buy around 1.6280 , with stop loss of 1.6220 and target price of 1.6350