The common European currency has surged by 177 pips or 1.17% against the Canadian Dollar since June 19. The currency pair breached the 50-, 100– and 200– hour SMAs during this period.
As for the near future, the exchange rate could continue to edge higher within this week’s trading sessions. The potential target for the EUR/CAD pair would be at the 1.5481.
However, the weekly R1 at 1.5415 could provide resistance for the currency exchange rate during the following trading sessions.
