The Eurozone single currency has depreciated about 3.09% in value against the Canadian Dollar since August 9. The currency pair was trading near the bottom border of a descending channel pattern at 1.4521.
Given that the EUR/CAD exchange rate is trading near the lower boundary of the descending channel, a breakout might occur within this session.
If this breakout occurs, bearish traders could aim at the 1.4350 marks during this week’s trading sessions.
However, if the currency exchange rate fails to surpass the bottom border of the channel pattern, bullish momentum could come into play this week.
