The EUR/CAD currency pair failed to surpass the 200– period simple moving average during last week’s trading sessions. As a result, the Eurozone single currency declined by 0.48% against the Canadian Dollar.
Given that the 200– period SMA is above the price level, the exchange rate is likely to continue to edge lower during this week’s trading sessions. Bears could target the 1.4600 level.
However, the weekly support level at 1.4671 could provide support for the currency exchange rate this week.
