FxWirePro: EUR/CAD moves higher as markets eye EU-US trade progress

• EUR/CAD edged higher on Monday as investors looked ahead to progress in trade negotiations and the upcoming European Central Bank policy meeting later this week.

• In the latest trade update, U.S. Commerce Secretary Howard Lutnick said Sunday he was confident Washington could reach a deal with the EU, though he emphasized that the August 1 tariff deadline remains firm.

• EU diplomats said the 27-nation bloc is considering a wider range of potential countermeasures against the U.S., as prospects for a breakthrough deal with Washington continue to fade.

• Traders remained cautious, seeking clarity on U.S.-EU trade negotiations and hoping for further agreements with major U.S. trading partners ahead of President Donald Trump’s August 1 tariff deadline.

•Technicals are favoring bullish sentiment as RSI is at  69 and the pair is trading above   5,9 &11-DMAs.

• Immediate resistance is located at 1.6109 (June 26th high), any close above will push the pair towards 1.6106(23.6%fib).

• Support is seen at 1.5997 (38.2%fib) and break below could take the pair towards 1.5905 (50%fib).

Recommendation: Good to buy around 1.6010 , with stop loss of 1.5900  and target price of 1.6080