The Eurozone single currency has depreciated about 1.43% in value against the Canadian Dollar since October 11. The currency pair breached the 50-, 100– and 200– SMAs during this period.
Everything being equal, the EUR/CAD exchange rate will most likely continue to trade south during the following trading sessions. The possible target for bears will be at the 1.4405 regions.
However, the currency exchange rate is likely to make a brief retracement towards a resistance cluster formed by the 50-, 100– and 200– hour simple moving averages at 1.4581 in the shorter term.
