The common European currency has appreciated significantly against Canadian Dollar since the end of May. The currency pair bounced off the lower boundary of an ascending pattern on May 30 and has since gained more than 490 base points or 3.30%.
During the last week, the 55-, 100-, and 200-hour SMAs have moved below the price action and could be set to push the exchange rate higher during the following weeks.
As for near future, the EUR/CAD currency exchange rate is likely to continue its movement north until it breached the upper boundary of the ascending channel.
