The single European currency has edged higher by 1.49% against the Canadian Dollar since the beginning of September. The currency pair breached the 1.5660 level on September 22.
Given that the exchange rate has breached the lower boundary of an ascending channel pattern, bearish traders could pressure the EUR/CAD pair lower within this week’s sessions.
However, a support level at the 1.5510 area could provide support for the currency exchange rate in the shorter term.
