The single European currency has declined significantly against the Canadian Dollar since the end of September. This downside momentum began after the currency pair hit the upper boundary of a downtrend line at the 1.53 mark.
Presently, the exchange rate is trading in a triangle-like formation and has breached the upper border of the triangle pattern. Furthermore, the pair is stranded between SMAs during the morning hours of today’s session.
Everything being equal, it is that the currency exchange rate increases its trading range during the following trading sessions.
