The common European currency has declined by 225 pips or 1.43% against the Canadian Dollar since September 30. The currency pair is currently trading in a narrow descending channel pattern.
All things being equal, the EUR/CAD exchange rate is likely to continue to edge lower in the descending channel pattern. Bearish traders could target a support cluster at the 1.5440 level.
However, the currency exchange rate might make a brief pullback towards the monthly pivot point at 1.5590 in the shorter term.
