Euro is given a further boost after ECB President Christine Lagarde said in the the post-meeting press conference that “interest rates will still have to rise significantly and at a steady pace.” She added, “Obvious that we should expect 50 bps hikes for period of time.” The clarity of Lagarde’s message was a rather big surprise to the markets.
EUR/CAD’s rally accelerates to as high as 1.4591 and it’s on track to 161.8% projection of 1.2867 to 1.3694 from 1.3270 at 1.4608. Firm break there will put focus to key long term fibonacci level of 1.6151 to 1.2867 at 1.4897.
