The Eurozone single currency fell by 2.02% against the Canadian Dollar last week. The decline was stopped by the 200– period simple moving average at 1.4762 during last week’s trading sessions.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1.4600 level could be expected this week.
However, if the channel pattern holds, buyers might drive the EUR/CAD currency exchange rate higher during the following trading sessions.
