The Eurozone single currency declined by 1.28% against the Canadian Dollar during last week’s trading sessions. The EUR/CAD currency pair tested 1.5550 level on December 31.
All things being equal, the exchange rate could continue to edge lower during the following trading sessions. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher within this week’s trading sessions.
