The single European currency has declined by 0.65% in value against the Canadian Dollar since January 15. The decline began after the currency pair tested the upper boundary of a descending channel pattern at 1.4581.
As for the near future, the EUR/CAD exchange rate could continue to decline in the descending channel pattern. The potential target for bears would be at the monthly S2 at 1.4414.
Furthermore, technical indicators flash sell signals on the smaller and the larger time-frame charts.
