The common European currency traded sideways against the Canadian Dollar during last week’s trading sessions. The 50-hour simple moving average provided resistance for the exchange rate.
By and large, it is likely that the EUR/CAD currency pair could aim for a resistance level formed by the 200-hour simple moving average at 1.4871 during the following trading sessions.
However, a resistance cluster formed by the weekly R2 and the monthly S1 near the 1.4765 area could provide support for the currency exchange rate during this week sessions.
