During the past two weeks, the common European currency versus the Canadian Dollar has depreciated about 2.50% in value. The currency pair hit a new 2019 low at 1.4682 during the morning hours of today’s session.
As for the near future, it is likely that the EUR/CAD exchange rate will continue its downhill movement during the following trading sessions. The potential target for bearish traders will be near the weekly S2 at 1.4537.
However, the currency exchange rate might reverse from the current price level at 1.4682 and aim for the 50– hour simple moving average and the weekly R1 at 1.4820 in the short term.
