The common European currency has appreciated about 1.19% in value against the Canadian Dollar since last week’s trading sessions. The 50-hour simple moving average provided support for the pair during Friday’s trading session.

Everything being equal, it is likely that the exchange rate will target a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.5251 during the following trading sessions.

On the other hand, the currency exchange rate could reverse from the current price level at 1.5171 and aim for the lower band of an ascending channel pattern at 1.5071 in the shorter term.

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