The common European currency has been appreciating against the Canadian Dollar in a short-term ascending channel pattern. The bullish momentum began on October 25 after the currency pair tested a swing low of 1.4750.
As apparent on the chart, the exchange rate has breached the 50-, 100-, and 200-hour SMAs. Most likely, the pair will continue to go down and could target a support cluster formed by the weekly and the monthly PPs at 1.4931 within this session.
If this support cluster holds, it is likely that the EUR/CAD currency exchange rate will aim at November swing high of 1.5148 during the following trading sessions.
