The common European currency has surged by 1.53% against the Canadian Dollar since November 25. The currency pair tested the upper boundary of an ascending channel pattern at 1.5700 during last week’s trading sessions.
The exchange rate is currently trading near the lower line of the channel pattern and could be set for a breakout.
If the ascending channel pattern holds, bullish traders are likely to continue to pressure the price higher during the following trading sessions.
However, if the currency exchange rate breaks the channel pattern, a decline towards the 1.5300 level could be expected this week.
