The single European currency edged lower by 403 pips or 2.60% against the Canadian Dollar during last week’s trading sessions. The currency pair breached the 50-, 100– and 200– period SMAs last week.
All things being equal, the EUR/CAD exchange rate will most likely continue to decline within this week’s trading sessions. The possible target would be at the 1.4800 area.
A potential upside reversal could occur from a support cluster formed by the weekly S2 and the monthly S1 at 1.4802 during the following trading sessions.
