The Eurozone single currency has been depreciating in a descending channel pattern against the Canadian Dollar since the beginning of December. The currency pair has declined by 2.04% in value since December 3.
Everything being equal, the EUR/CAD exchange rate will most likely continue to decline in the descending channel pattern within this week’s trading sessions. Bearish traders could target the 1.4350 area.
In the meantime, the currency exchange rate could make a slight upside movement towards the 50– hour simple moving average at 1.4575 in the shorter term.
