During the past week, the common European currency has depreciated about 0.90% in value against the Canadian Dollar. The currency pair has tested the lower band of an ascending channel pattern at 1.5016.
Technical indicators demonstrate that a breakout through the bottom border of an ascending channel could occur within this session.
If the breakout occurs, the EUR/CAD exchange rate will aim for a psychological support level at 1.4900 before the end of this week trading sessions.
However, if the uptrend channel holds, a surge towards a resistance cluster at 1.5148 could be expected.
