The single European currency has declined by 229 pips or 1.45% against the Canadian Dollar since last week’s trading sessions. The currency pair tested the lower boundary of an ascending channel pattern at 1.5597.
As for this week’s trading sessions, the EUR/CAD exchange rate could continue to decline. A breakout through the bottom border of the ascending channel pattern could occur.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher in the shorter term.
