The single European currency has appreciated about 1.79% in value against the Canadian Dollar since the beginning of October. The currency pair tested the upper boundary of a descending channel pattern at 1.4684 by the end of last week’s trading sessions.
As for the near future, the EUR/CAD exchange rate will most likely target a support level formed by the weekly S2 at 1.4463.
However, the currency exchange rate could make a U-turn from a support cluster form by the combination of the monthly pivot point and the weekly S1 at the 1.4520 area during the following trading sessions.
