Downside risks have dominated the single European currency against the Canadian Dollar since March 20. The currency pair was guided by a descending channel pattern.
Given that the exchange rate has breached the 50-, 100– and 200– period SMAs, bears are likely to drive the price lower within the following trading sessions. The potential target will be at the 1.4825 area.
Although, the currency exchange rate could make a U-turn from the weekly S1 at 1.5172 and target the weekly resistance level at 1.5604 within this week’s trading sessions.
