The single European currency has been depreciating against the Canadian Dollar since the beginning of June. This southern movement has been bounded in a descending channel pattern.
Currently, the exchange rate is trading near the upper boundary of the descending channel pattern and could be set for a breakout.
If this breakout occurs, bullish traders could aim for a resistance cluster at 1.4899 within this week’s trading sessions.
However, a resistance level formed by the weekly pivot point and the 50-hour simple moving average at 1.4699 could hinder bulls from pushing the currency exchange rate up.
