The single European currency has continued to appreciate against the Canadian Dollar in an ascending channel pattern. The currency pair dashed through November swing high of 1.5148 as forecast.
The exchange rate is trading above a support cluster formed by the weekly pivot point and the 50-hour simple moving average at 1.5131 during the morning hours of Wednesday’s session.
If this cluster holds, it is likely that the currency exchange rate will target a resistance level formed by a traditional weekly and monthly PPs at 1.5344 during the following trading sessions.
