The single European currency has lost about 1.55% in value against the Canadian Dollar since last week. The decline began after the currency pair tested the upper boundary of a junior descending channel pattern at 1.5211.
Most likely, the currency exchange rate will continue its decline during this week’s trading session. Bears are likely to drive the pair towards a swing low of 1.4897 during the following trading session.
Meanwhile, technical indicators flash bearish signals on both the smaller and the larger time-frame charts.
