The common European currency has edged lower about 1.67% in value against the Canadian Dollar since August 7. The exchange rate is currently testing a support level formed by the 200– hour simple moving average at 1.4723.

If the support level holds, a surge towards a swing high at 1.4995 could be expected within this week’s trading sessions.

However, if the currency pair passes the 200– hour SMA, bearish traders could drive the currency exchange rate towards a support level, formed by the weekly S2 at 1.4583 in the nearest future.

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