The European single currency has appreciated about 1.71% in value against the Canadian Dollar since October 28. The currency pair tested a psychological resistance level at 1.4700.
By and large, the EUR/CAD exchange rate will most likely continue to decline during the following trading sessions. The potential target for bearish traders would be at the 1.4400 area.
However, a support cluster formed by the weekly S1 and the monthly S1 near the 1.4517 marks could provide support for the currency exchange rate in the nearest future.
