FxWirePro: EUR/CAD dips as traders digest ECB outcome

•  EUR/CAD dipped on Thursday after the European Central Bank delivered a widely anticipated interest rate cut, easing borrowing costs to support the eurozone economy.
 
• The European Central Bank cut interest rates as expected on Thursday, marking its seventh rate cut in a year, aiming to support the eurozone economy amid pressure from U.S. tariffs and declining business confidence.

• Policymakers unanimously approved Thursday's rate cut, with even traditionally hawkish members acknowledging that the global trade war has drastically changed the economic outlook.

• Financial markets are pricing in at least two more ECB rate cuts this year, with some anticipating a third, as ongoing financial market volatility, trade tariffs, and economic uncertainty are expected to further dampen growth and suppress inflation...

• At GMT 14:59,the euro was down 0.19% at 1.5751 against Canadian dollar .

•  Immediate resistance is located at 1.5832(23.6%fib), any close above will push the pair towards 1.5907 (Higher BB).

•  Support is seen at 1.5677 (April 15th low) and break below could take the pair towards 1.5618(38.2%fib). 

Recommendation: Good to buy  around 1.5720, with stop loss of 1.5630,  and target price of 1.5800