The Eurozone single currency has depreciated about 1.08% in value against the Canadian Dollar since last week’s trading sessions. The 100– hour simple moving average pressured the currency pair lower during this period.
Technical indicators suggest bearish signals on both the smaller and the larger time-frame charts. Therefore, the EUR/CAD exchange rate will most likely continue its southern movement within this week’s trading session. The potential target for the pair would be near the weekly S2 at 1.4372.
However, the currency exchange rate might make a U-turn from a support level at 1.4438 during the following session.
