FxWirePro: EUR/CAD turns lower after initial uptick on ECB hold

• EUR/CAD rose initially but later retreated as investors absorbed the outcome of the ECB’s rate decision.

•  .The ECB on Thursday matched traders' expectations and held the bloc's main deposit rate at 2% for a third straight meeting.

• Traders viewed this ECB easing cycle as almost over, pricing in less than a 50% chance of further easing by July 2026.

•ECB President Christine Lagarde said on Thursday that the central bank’s notion of being in a “good place” with policy is flexible, not fixed, and that policymakers give equal weight to the risks of undershooting or overshooting their inflation goal — a stance known as symmetrical policy.

• Meanwhile,Thursday's GDP figures beat the ECB's prediction of stagnation, with Spain and France both outperforming in July-September.

•  Immediate resistance is located at 1.6218(Daily high), any close above will push the pair towards 1.6281 (38.2%fib).

•  Support is seen at 1.6141(50%fib) and break below could take the pair towards 1.6093(Lower BB).

Recommendation: Good to sell  around 1.6200 , with stop loss of 1.6250  and target price of 1.6140