The single European currency versus the Canadian Dollar has been bouncing between the upper and lower bands of a triangle pattern.
The exchange rate is currently trading near the upper boundary of the triangle pattern and could be set for a breakout.
If this breakout occurs, the EUR/CAD currency pair will aim for a swing high at 1.5144 during the following trading sessions.
However, if the resistance level, formed by the upper band of the triangle pattern holds, a decline towards a support line set by the weekly pivot point at 1.5026 could follow in the short-term.
