FxWirePro: EUR/CAD gaining momentum for a move towards 1.6400 level

• EUR/CAD rose on Thursday as commodity currencies such Canadian dollar weakened amid increasing risk-off sentiment and lower oil price.

• Oil prices eased Thursday as concerns about rising supply and weaker U.S. consumption pressured the market. Brent slipped 14 cents to $63.38, and WTI fell 17 cents to $59.43.

•On the data front, The Ivey PMI showed Canada’s economy expanding at a slower rate in October, with the index declining to 52.4 from 59.8, while price measures inched higher.

• On the tariff front, U.S. Supreme Court justices expressed skepticism over the legality of former President Donald Trump’s sweeping tariffs, in a case that could carry significant implications for global markets.

•  Immediate resistance is located at 1.6311(38.2%fib), any close above will push the pair towards 1.6405 (Oct 3rd high).

•  Support is seen at 1.6260(SMA20) and break below could take the pair towards 1.6196(38.2%fib).

Recommendation: Good to buy  around 1.6290 , with stop loss of 1.6220  and target price of 1.6400