The single European currency declined by 1.16% against the Canadian Dollar during last week’s trading sessions. The 50– period simple moving average pressured the currency pair lower last week.
The exchange rate bounced off a support level at 1.4597 during Friday’s trading session. Most likely, the EUR/CAD pair could continue to edge higher during the following trading days.
However, the weekly resistance level at 1.4777 could provide resistance for the currency exchange rate in the shorter term.
