The single European currency has continued to edge lower against the Canadian Dollar. The exchange rate has depreciated about 215 base points during the last week.
The currency pair tested the upper boundary of a descending channel pattern at 1.5194 on January 30 and followed by a downside movement.
The short-term target for bearish traders will be near a support level formed by the lower boundary of a dominant ascending channel at 1.4933.
A possible upside reversal could follow from the support level as mentioned above.
