Since May 27, the single European currency has appreciated about 1.33% in value against the Canadian Dollar. The currency pair tested the 23.60% Fibonacci retracement level at 1.5122.
Everything being equal, it is likely that the EUR/CAD exchange rate will continue to gain strength within this week’s trading sessions. The potential target will be at 1.5182.
However, it is likely that the currency exchange rate makes a brief retracement towards a support cluster formed by the 50.00% Fibonacci retracement level and the combination of the 100– and 200-hour SMAs at 1.5054 in the short-term.
