During the last week, the single European currency has depreciated about 0.92% against the Canadian Dollar. This decline was stopped by the bottom border of a dominant ascending channel at 1.4916.
Everything being equal, it is likely that the currency exchange rate continues its decline in a junior descending channel pattern during the following trading sessions. The potential downside target will be near a support cluster formed by the weekly and the monthly PPs at 1.4832.
However, it is important to note that the weekly S1 at 1.4896 could provide support for the EUR/CAD pair in the short-term.
