The single European currency has been trading in a triangle pattern against the Canadian Dollar since late September. The pair tested the upper boundary of the pattern at 1.5325 on September 27 and re-tested the bottom border at 1.4779 last week.
Everything being equal, it is possible that the Euro continues its decline within this session. The currency pair is likely to aim at the monthly S1 of 1.4850 in the coming hours.
If the currency exchange rate passes that support level as mentioned above, the next target for bearish traders will be near the weekly S1 at 1.4779.
