A long-term descending channel pattern has been dominating the common European currency versus the Canadian Dollar for the past few months. This decline began after the currency pair made a U-turn from the upper boundary of a dominant descending channel at 1.6148 on March 21.
A weekly S1 at 1.4887 was providing resistance for the exchange rate during the morning hours of today’s session.
If this resistance level holds, the currency exchange rate could continue its southern movement today.
On the other hand, if the rate passes that resistance level as mentioned earlier, the EUR/CAD pair will target the three SMAs at 1.4946 during the following trading sessions.
